Journal of the European Economic Association, 2025, 23(4): 1521–1562
with Jin Cao (Norges Bank) and Ragnar E Juelsrud (Norges Bank)
with Thomas Krause (Danmarks Nationalbank) and Lena Tonzer (Vrije Universiteit Amsterdam , IWH)
Revise & Resubmit in the Review of Asset Pricing Studies
with Kathrin Hackenberg , Viktoria Klaus (KIT Karlsruhe) and Sven Klingler (BI Norwegian Business School)
CEPR-ESSEC-Luxembourg Conference on Sustainable Financial Intermediation 2025*, Swedish Conference in Economics 2024, CEPR We_ARE seminar series 2024, Goethe University/SAFE 2024, AFA 2024*, Young Scholars Nordic Finance Workshop (2023), ECB Green Seminar Series (2023), EEA 2023*, NBR Spring Institute 2023 Norway, ZEW Mannheim Conference on Ageing and Sustainable Finance 2023, WiMFEH DIW 2023*, FERN Seminar KIT (2023)*, Research Seminar Obergurgl (2023)*
*presented by co-author
Covered in: In the Spotlight
Collateralized Loan Obligations (CLOs) are the main investors in leveraged loans, and we show that they purchase more loans from carbon-intensive ("brown”) industries during episodes of substantial negative news about climate change. We argue that CLOs face less divestment pressure from their investor base, enabling them to exploit significant price discounts for brown loans during these episodes. The increased purchases of brown loans are especially pronounced for bank-affiliated CLOs whose managers signed the Principles for Responsible Investing (PRI). Our findings suggest that CLOs offer banks an indirect way of keeping their exposure to brown industries while publicly committing to responsible investing.
with Christine Laudenbach (SAFE and Goethe University Frankfurt), Elin Molin (Lund University) and Kasper Roszbach (Norges Bank)
Norges Bank*, Lund University, SAFE Frankfurt*, BIS-CEPR-Gerzensee-SFI - Conference on Financial Intermediation*, UD/Philly Fed Fintech & Financial Institutions Conference* , 7th CEPR Summer Conference on Financial Intermediation*, NBER Summer Institute 2025 Household Finance*, CEPR European Conference on Sustainable Household Finance 2025* (Sept 19-20), 24th FDIC Annual Bank Research Conference (September 25 -26, 2025)*, Department of Informatics LU, KTH Stockholm
*presented by co-author
Norges Bank Working Paper, VOXEU column, SUERF Policy Brief No 1127 , Norges Bank Blog,
Media: EFN Ekonomikanalen, The Economist
Using unique data on more than one million bank loan applications from a BNPL provider with a banking license, we examine the link between BNPL use and access to regular bank credit. BNPL adoption allows banks to assess future unsecured loan customers' quality, benefiting both the bank and creditworthy BNPL users. The extracted information is not shared with other institutions. Customers with good BNPL payment histories are more likely to receive consumer loans at lower interest rates. Importantly, greater access to unsecured loans does not harm BNPL customers, as they exhibit better repayment behavior compared to similar borrowers.
Invited presentation: University of St.Gallen (scheduled February 2026)
Revise & Resubmit in the Journal of Corporate Finance
This paper analyzes the impact of Germany’s 2020 decision to phase out coal-fired power generation on coal financing by German and non-German banks. Findings reveal that while German banks reduced overall fossil fuel funding compared to their international counterparts, their coal financing practices remain largely unchanged. Globally, there is no evidence of a decrease in coal funding; instead, banks appear to have increased bond underwriting for coal companies following the German exit decision. These results highlight the critical role of bank funding in the energy transition, with sustained financial support for high emission energy production.
IWH Discussion Papers No.22/2019*, IWH Best Paper Award 2021 (received January 2022)
AEA 2022, Day-ahead workshop University of Zurich 2021, DGF Doctoral Workshop Innsbruck 2021 , WEAI 2021, Norges Bank Brown Bag 2019, EEA Manchester 2019, PHD consortium at the Spanish Finance Forum 2019, WIMFEH Berlin 2019, AFA (2019)
This paper demonstrates how spillovers between firms can exacerbate the effect of targeted asset purchase programs on the economy. Targeted asset purchases are an important tool of the European Central Bank to contain a resurgence of the sovereign debt crisis in times of rising interest rates. Firms linked to banks affected by targeted purchases reduce investment and there are negative spillovers on the investments of firms operating within the same agglomeration. The result is important for two reasons: First, it provides evidence on how targeted purchases can slow down economic growth. Second, it shows the importance to consider spillovers when assessing crisis measures by central banks, because spillovers can cover up direct effects.
*Formerly circulated under the title "Win-win or joy and sorrow? Spillover of asset purchases within the real sector"
with Manfred Antoni (IAB Insitute for Employment Research Nuremberg)
Available on SSRN (2024), IWH Discussion Papers No.12/2019*
ProdTalk No.7 2021, Chicago Financial Institutions Conference**, GdRE Besancon 2019, C.R.E.D.I.T. 2018 (Poster), FINEST Workshop 2018, 7th CompNet Annual Conference 2018
**scheduled presentation by co-author was cancelled due to Covid.
Do targeted asset purchases alter business dynamics of small and medium sized enterprises (SMEs) and their plants? In July 2022, the European Central Bank (ECB) established the Transmission Protection Instrument (TPI), which allows for targeted asset purchases to prevent a resurgence of the sovereign debt crisis during times of rising interest rates. To investigate unintended consequences of such crisis tools, we assess a similar program, conducted by the ECB between 2010 and 2012. We find that plants linked to banks exposed to the targeted asset purchases are approximately 20% less likely to exit. We observe heterogeneous effects depending on the capitalization of banks and productivity of firms.
*Formerly circulated under the title "Do asset purchase programs shape industry dynamics? Evidence from the ECB's SMP on plant entries and exits."
Financial experts and climate change, with Anna-Lena Herforth (ZEW, University of Mannheim), Karolin Kirschenmann (ZEW) and Saskia ter Ellen (VU Amsterdam)
Stablecoins and Retail Investors, with Elin Molin (Lund University), Anders Vilhelmsson (Lund University), and the largest Swedish crypto broker Safello.
Crypto asset investments, with Anders Vilhelmsson (Lund University), Elin Molin (Lund University) and the largest Swedish crypto broker Safello, see Safello's press release on the collaboration here.
Geopolitical Risks and Firm Financing, with Vahid Saadi (IE Madrid)
Do Banks React to Firm-Level Carbon Emission Disclosure? Evidence from the UK Mandatory Disclosure Act, with Pia Huettl (DIW Berlin)