Research

  • Get green or die trying? Carbon risk integration into portfolio management. Journal of Portfolio Management, February 2021 (with Andrea Jacob and Maximilian Görgen). https://doi.org/10.3905/jpm.2020.1.200.


  • Will the DAX 50 ESG establish the standard for German sustainable investments? A sustainability and financial performance analysis. Credit and Capital Markets, 2020, vol. 53, issue 4, 461-491. https://doi.org/10.3790/ccm.53.4.461.

Working Paper

  • Carbon Risk. Working Paper, 2020 (with Maximilian Görgen, Andrea Jacob, Ryan Riordan, Martin Rohleder and Marco Wilkens).

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.

Abstract and Download


  • Enhancing the accuracy of firm valuation with multiples using carbon emissions. Working Paper, 2020.


  • You never know the value of water before the well runs dry - The impact of Sustainable Development Goals on firm value. Working Paper, 2020 (with Marco Wilkens).

Winner of the Impact Award of the Workshop Sustainable Finance 2020 in Liechtenstein.


  • Carbon risk in times of COVID-19. Working Paper, 2020 (with Andrea Jacob).

Work in Progress

  • SDGs: A capital-market perspective.

  • ESG and SDGs ratings.

  • The conduct and product dimension of sustainability – A global firm analysis.

  • Sustainable anomalies.

  • Mandatory and voluntary environmental disclosure.

Practitioner Publications

  • Carbon Risks and Financed Emissions of Financial Assets and Portfolios – Measurement, Management and Reporting based on Capital Market Data. (available on carima-project.de/en).

  • Carbon Footprints sind nicht gleich Carbon-Risiken. Zeitschrift für das gesamte Kreditwesen 73, 13/2020, 32-35, 2020 (with Marco Wilkens and Jonas Zink). (available on 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. (available on https://www.ngfs.net/).