I am a 6th-year PhD candidate in Finance at the Vienna University of Economics and Business.
My research interest lies in empirical asset pricing, particularly at the intersection with corporate finance in equity and corporate bond markets. Recently, my work has focused on how heterogeneity in investor preferences, beliefs, and constraints, along with the institutions that intermediate them, shapes prices, expected returns, and firms’ financing and investment decisions.
My curriculum vitae.
Update: I will be on the 2025-2026 academic job market.
Blog post: Moritz Rodenkirchen and I provide a detailed step-by-step guide and R code for preparing ISS shareholder proposal data for further empirical finance research in a new blog post on Tidy Finance.
Conference: Greenness Demand for US Corporate Bonds was accepted for presentation at the SFA 2025, and AFA 2026.
Conference: ESG Favoritism in Mutual Fund Families was accepted for presentation at the SFA 2025, and AFA (poster session) 2026.
Abstract: This paper investigates the asset pricing implications of political partisanship in US equity markets. Using a measure based on the political contributions of CEOs, I find that partisan firms significantly underperform politically neutral firms. This underperformance persists after accounting for risk factors and other known determinants of returns. The evidence suggests that the return differential arises from investor demand for ideological alignment, with investors favoring aligned firms, thereby inflating their prices and compressing expected returns. I validate this through a structural demand system estimation and further tests on polarization-dependent return patterns, highlighting a demand-driven equilibrium rooted in non-pecuniary ideological preferences.
I provide an Internet Appendix here.
Presentations: VGSF PhD Research Seminar 2025 and University Liechtenstein Finance Research Seminar 2025.
ESG Favoritism in Mutual Fund Families
with Anna Zsofia Csiky (WU), Rainer Jankowitsch (WU, VGSF), and Marti Subrahmanyam (NYU, NYU Shanghai). October 2024.
Abstract: We investigate whether mutual fund families favor their ESG funds at the expense of their non-ESG siblings. We find that the net-of-style return spread of ESG compared to non-ESG funds within the fund family is significantly greater than the gap with non-ESG matches outside the family. The difference is around 2% per year, indicating sizable cross-fund subsidization that is mainly used to avoid the underperformance of ESG funds. We link these differences to various fund and family characteristics and relate the observed effects to measures of environmental awareness and fund flows. Additionally, we investigate potential mechanisms of ESG favoritism.
We provide an Internet Appendix here.
Presentations: Adam Smith Sustainability Conference, AWG 2024*, C.r.e.d.i.t. 2024*, Massey Sustainable Finance Conference 2024, Australasian Finance and Banking Conference 2024*, DGF 2025, SFA 2025°, and AFA (poster session) 2026°.
Greenness Demand For US Corporate Bonds
with Rainer Jankowitsch (WU, VGSF), Patrick Weiss (RU), and Josef Zechner (WU, VGSF). July 2024.
Abstract: We characterize the demand for green securities based on institutional holdings of US corporate bonds. The generally positive demand for greenness shows significant time variation, peaking around the Paris Agreement and declining sharply during the first Trump administration. The demand variations significantly affect prices and investors' wealth. At the corporate level, we document several real effects of investor preferences: increases in greenness demand are followed by improvements in firms' environmental performance, more frequent and larger bond issuances, higher capital expenditures, and reduced reliance on bank debt.
We provide an Internet Appendix here.
Presentations: Adam Smith Sustainability Conference*, AWG 2024, DGF 2024, C.r.e.d.i.t. 2024, SGF 2025, FMA Europe 2025, AFS 2025, SFA 2025°, and AFA 2026°.
The Effects of ESG Performance and Preferences on U.S. Corporate Bond Prices
with Lukas Handler (WU) and Rainer Jankowitsch (WU, VGSF). May 2022.
Abstract: We study the effects of ESG performance and preferences on the U.S. corporate bond market. Consistent with the theory, we show that firms with superior ESG scores benefit from lower yields and improved liquidity. In addition, we reveal a time-varying effect of ESG performance induced by a changing demand of investors for ESG securities. The effect on yields for firms with higher ESG performance in times of higher ESG preferences is up to 25 bp. Furthermore, we divide a firm's ESG performance into its underlying pillars E, S, and G, finding that the results are mainly driven by environmental concerns. Overall, our results provide evidence for theoretical models based on non-pecuniary utility benefits for ESG investors.
Presentations: AWG 2022*, DGF 2022, and Australasian Finance and Banking Conference 2022.
(* presentation by coauthor; ° scheduled)