Home Bio & CV Current Research Publications Data and Code Teaching
Out of sight, out of mind: Divestments and the Global Reallocation of Pollutive Assets [Link to SSRN version] (with Lin Ma and Daniel Streitz), R&R, Journal of Financial Economics
Large firms in the limelight reduce carbon emissions; however, this effect is entirely driven by divestments.
CBDCs, Payment Firms, and Geopolitics (with Valentin Burg, Jan Keil, and Manju Puri), R&R, Journal of Finance [Link to SSRN version]
Analyzes the anticipated effects of the digital euro on payment firms. We estimate a loss in market capitalization of USD 127 billion for U.S. payment firms, compared to a gain of USD 23 billion for European payment firms. Paper points to a geopolitical dimension of CBDCs.
Unintended Consequences of QE: Rea Estate Prices and Financial Stability (with Rainer Haselmann, Thomas Kick, and Sebastian Schreiber), R&R, Journal of Finance [Link to SSRN version ]
Shows that corporate bond purchases by the ECB have contribute to Germany's real estate bubble
Leverage and Risk-Taking in a Dynamic Model (with Florian Heider), Reject & Resubmit, Review of Financial Studies [Link to SSRN version]
Shows that - contrary to the prediction of static models - risk-taking is non-monotonic in levearge in dynamic models. Predicts that firms with a medium level of leverage will avert risk.
Do Voluntary Initiatives Make Loans Greener? Evidence from Project Finance (with Robin Döttling, Xander Hut, and Wolf Wagner) [Link to SSRN version ]
Project finance finances large-scale, climate-relevant projects and allows to directly classify the environmental impact of the funded projects. We exploit a tightening of the Equator Principles (EP) - a voluntary initiative in the area of project financing - and show that it did not have any effect on greenness of lending.
A Biodiversity Stress Test of the Financial System (with S. Arlt, X. Hut and D. Streitz) [Link to SSRN version]