Research

Publications

• Value Creation Ratings Pilot Report 2024: The Sustainable Value Creation of Firms.
  (with Tomas Casas-Klett). VCr2024 Report.

• Assessing the Sustainability of the Business Model: Firm Governance Using the Sustainable Value Creation Framework and its Measurements.
  (with Tomas Casas-Klett) In: Hilb, M. (Ed.) Governance of Sustainability: The role of the board of directors and management in sustainable value creation, 2023, Haupt; ISBN: 978-3-258-08332-2.

• The impact of the Russia-Ukraine conflict on energy firms: A capital market perspective.
  (with Sebastian Utz). Finance Research Letters, 50, 2022, 103243.

• Enhancing the accuracy of firm valuation with multiples using carbon emissions.
  In: Jurczenko, E. (Ed.). Climate Investing: New Strategies and Implementation Challenges, John Wiley & Sons, 2022.

• Get green or die trying? Carbon risk integration into portfolio management.
  (with Andrea Jacob and Maximilian Görgen). Journal of Portfolio Management, 2021, 47(3), 77-93.

• Investors’ Delight? Climate Risk in Stock Valuation during COVID-19 and Beyond.
  (with Andrea Jacob). Sustainability, 2021, 3(21), 12182.

• Will the DAX 50 ESG establish the standard for German sustainable investments? A sustainability and financial performance analysis.
  Credit and Capital Markets, 2020, 53(4), 461-491.

Working Paper

• Carbon Liquidity.
  (with Ryan Riordan). Working Paper.

• Carbon Risk.
  (with Maximilian Görgen, Andrea Jacob, Ryan Riordan, Martin Rohleder and Marco Wilkens). Working Paper..
  Winner of the Best Paper Award of the Southwestern Finance Association Conference 2018.
  Winner of the Highest Impact Award of the Green Summit 2017 in Liechtenstein.

• You never know the value of water before the well runs dry - The impact of Sustainable Development Goals on firm value.
  (with Marco Wilkens). Working Paper.
  Winner of the Impact Award of the Workshop Sustainable Finance 2020 in Liechtenstein.

• The Link between Climate Change Risk Perception, Strategy, and Performance: A Risk-Based Approach to Corporate Climate Change.
  (with Judith Walls, Sebastian Utz, and Sarah Stephen). Working Paper.

• What drives sustainable institutional engagement and voting behavior?
  (with Jonas Zink, Marco Wilkens, and Martin Rohleder). Working Paper.

Work in Progress

• Power of Shareholder Proposals.
  (with Jonas Zink, Marco Wilkens, and Martin Rohleder).

• Game Theoretic Insights in Sustainability Linked Bonds.
  (with Tim Felix Schmedding).

• EU ETS Effectiveness.
  (with Alexander Braun, Ryan Riordan, and Sebastian Utz).

• Water Risk.
  (with Zeno Adams).

• Sustainable Cities.
  (with Roland Fuess and Kathleen Kürschner Rauck).

• Pollution and Private Equity.
  (with Tereza Tykvová).

Practitioner Publications

• Sustainable ecosystems analysis: Establishing Value Creation and Value Extraction.
  Elite Quality Report 2023: Country Scores and Global Rankings, 2023, Seismo. (Tomas Casas-Klett and Guido Cozzi (Ed.)); ISBN: 978-3-03777-277-5. https://doi.org/10.33058/seismo.30882.0001.

• In Finanzmärkten ist Vertrauen eine harte Währung.
  SAGW Décodage, 2023. https://www.sagw.ch/sagw/aktuell/blog/details/news/in-finanzmaerkten-ist-vertrauen-eine-harte-waehrung.

• Topstory School of Finance: Sustainable Development Goals.
  Jahresbericht (Annual Report) Universität St. Gallen, 2021.
  https://issuu.com/universityofstgallen/docs/hsg-jahresbericht-2020-21-de/s/13437017. 

• Carbon Risks and Financed Emissions of Financial Assets and Portfolios
  Measurement, Management and Reporting based on Capital Market Data. 2020.
  www.uni-augsburg.de/de/fakultaet/wiwi/prof/bwl/wilkens/sustainable-finance/. 

• Carbon Footprints sind nicht gleich Carbon-Risiken.
  Zeitschrift für das gesamte Kreditwesen 73, 13/2020, 32-35, 2020 (with Marco Wilkens and Jonas Zink).
  https://www.kreditwesen.de/kreditwesen/themenschwerpunkte/aufsaetze/carbon-footprints-gleich-carbon-risiken-id65391.html.

• Case Studies of Environmental Risk Analysis Methodologies.
  Central Banks and Supervisors Network for Greening the Financial System (NGFS) Occasional Paper, Chapter 34, 539-558, 2020.
  https://www.ngfs.net/.