I am an Assistant Professor of Finance at the University of Mannheim. My research studies the implications of artificial intelligence for financial information, economic measurement, beliefs, and decision-making.
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Artificial Consensus: AI and Survey Measurement (Single-Author)
Central banks, governments, firms, and investors use surveys to measure hard-to-observe economic conditions. Surveys inform economic policy by revealing beliefs that shape household spending and wage demands. I show that AI use during surveys can lead to understating household inflation expectations. I find evidence of AI use among 23.3% of 1,294 respondents in an online survey. Both respondents who use AI and who do not have plausible median inflation expectations of 3% but the tenth-to-ninetieth-percentile range of their answers span 3 and 25 percentage points, respectively. In simulations using the New York Fed’s Survey of Consumer Expectations, replacing 30% of household answers with AI responses weakens warnings of elevated inflation expectations because AI lowers reported expectations and reduces disagreement. Policymakers could mistake artificial consensus for convergence in beliefs and fail to act in times of growing inflation expectations.
Working Papers
Roy Sorting: Climate and Status Quo Strategies (with Samuel Drempetic, Andreas G.F. Hoepner, Christian Klein and Adair Morse)
Do advisors respond to investors’ preferences? (with Julia Eckert, Anne Kellers, Christian Klein and Bernhard Zwergel)
Published Papers
Cauthorn, T., Klein, C., Remme, L., & Zwergel, B. (2023). Portfolio benefits of taxonomy orientated and renewable European electric utilities. Journal of Asset Management, 24(7), 558-571.
Cauthorn, T., Dumrose, M., Eckert, J., Klein, C., & Zwergel, B. (2023). Rating changes revisited: New evidence on short-term ESG momentum. Finance Research Letters, 54, 103703.
Rochell, J., Cauthorn, T., Höck, A., & Zwergel, B. (2020). Drivers of Socially Responsible Investments Across Europe. Credit and Capital Markets–Kredit und Kapital, 53(4), 493-512.
Policy Work
Consileon Frankfurt, EB – Sustainable Investment Management (EB-SIM), Universal Investment Group, University of Kassel (2025). Impact Investment Anlegerstudie
Klein, C., Cauthorn, T., Eckert, J., Kellers, A., Zwergel, B., & Jürgens, I. (2024). Does MiFID II enable private investors to invest sustainably?
Arnold, J. L., Cauthorn, T., Eckert, J., Klein, C., & Rink, S. (2023). Let’s talk numbers: EU Taxonomy reporting by German companies.
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