Welcome!
I am an Assistant Professor of Finance at Michigan Ross.
I obtained my Ph.D. from Copenhagen Business School in 2025.
Areas of Expertise: Asset Pricing, Financial Intermediaries, Derivatives.
Currently, I study how intermediary frictions and market design shape asset prices, risk sharing, and real investment, often using derivatives markets as a laboratory.

juter at umich dot edu

Papers

Carbon VIX: Carbon Price Uncertainty and Decarbonization Investments

with Maximilian Fuchs and Johannes Stroebel

Forthcoming at the Journal of Financial Economics

Does policy uncertainty shape real climate investment?
We build a market-based measure of carbon-price uncertainty and show that uncertainty discourages decarbonization investment.

Featured in VoxEu, NBER, CEPR
Video: Virtual Derivatives Workshop
Data: carbonvix.org

The Carbon VIX

Working Papers

The Derivative Payoff Bias
with Guido Baltussen and Paul Whelan

Revision requested at the Review of Financial Studies

Can market design create systematic transfers between investors?
We show that settlement rules and intermediary hedging make many index-derivative payoffs predictably biased, shifting billions of dollars across investors each year.

Featured in Bloomberg, Barrons, Risk

The S&P 500 Around Option Expiry

Intermediary Option Pricing

Do intermediary constraints affect risk premia?
I show that dealers’ exposure to unhedgeable overnight equity risk helps explain when and where option risk premia arise.

Cumulative Put Option Returns Around The Emergence of Overnight Equity Trading

Work in Progress

Hedging Flows Around Events (2026)
draft available upon request

Derivative dealers inventory hedging creates systematic and predictable equity trade flows around economic events.

Page updated

Google Sites

Report abuse