(with F. Hoffmann) Journal of Financial Economics, 2021, Vol. 142, 954-974

AFA 2015 Meetings Paper 

A Simple Macroeconomic Model with Extreme Financial Frictions
(with N. Klimenko and J.C. Rochet) Journal of Mathematical Economics, 2017, Vol. 86, 92-102 

Securitization and Compensation in Financial Institutions

(with R. Inderst) Review of Finance, 2013, Vol. 17, 1232-1364

Coverage in German newspaper "Frankfurter Allgemeine Sonntagszeitung" (December 13th 2009): "Reguliert die Boni nicht"

Reward for Luck in a Dynamic Agency Model

(with F. Hoffmann) Review of Financial Studies, 2010, Vol. 23 (9), 3329-3345

Working Papers

(with N. Klimenko, J.C. Rochet and G. DeNicoló)

SFI Working Paper Version

Calibrating Compensation for Overconfident CEOs: Separating Optimism from Miscalibration (with I. Dittmann)

Dividend Regulation and Risk-Taking in a Dynamic Model of Banking (with F. Hoffmann)

A Theory of the Boundaries of Banks with Implications for Financial Integration and Regulation, R&R Financial Management

Online Appendix

(with R. Inderst and F. Fecht)

An "Image Theory" of RPM (retired)

(with R. Inderst)

Work in Progress

The Dynamics of Environmental Regulation (with F. Hoffmann)

Endogenous Minsky Moments (with S. Gryglewicz and A. Rivera)

The Dynamics of Becoming Green – Subsidies vs. Regulation (with S. Gryglewicz and W. Verwer)