Publications
Do Investors Care About Biodversity? Review of Finance, forthcoming (with A. Garel, A. Romec, and A. Wagner) [SSRN Link]
The Effects of Mandatory ESG Disclosure around the World, Journal of Accounting Research, forthcoming (with P. Krueger, D. Tang, and R. Zhong) [SSRN Link]
Best Paper Price 2021 Global Research Alliance for Sustainable Finance (GRASFI)
Limited Attention to Detail in Financial Markets: Evidence from Reduced-Form and Structural Estimation, Journal of Financial Economics 4, 2024, 103811 (with H. Cronqvist, T. Ladika, and E. Pazaj) [SSRN Link]
ESG Shareholder Engagement and Downside Risk, Review of Finance, 28, 2024, 483-510 (with A. Hoepner, I. Oikonomou, L. Starks, and X. Zhou) [SSRN Link]
PRI Award 2019 for Outstanding Quantitative Research
Pricing Climate Change Exposure, Management Science 69, 2023, 7540-7561 (with L. van Lent, G. Vilkov, and R. Zhang) [SSRN Link]
Climate Risk Disclosure and Institutional Investors, Review of Financial Studies 36, 2023, 2617-2650 (with E. Ilhan, P. Krueger, and L. Starks) [SSRN Link]
Editor’s Choice Paper/Lead Article
Finalist John L. Weinberg/IRRCi Research Award Competition 2022
Firm-level Climate Change Exposure, The Journal of Finance 78, 2023, 1449-1498 (with L. van Lent, G. Vilkov, and R. Zhang) [SSRN Link]
Lawyer Expertise and Contract Design–Evidence from M&A Negotiations, The Economic Journal 132, 2022, 644-674 (with C. Karsten and U. Malmendier) [SSRN Link]
Best Paper Award FMA Europe Venice 2015
Institutional Investors and Corporate Governance, Foundations and Trends in Finance 12, 2021, 276-394 (with A. Dasgupta and V. Fos) [SSRN Link]
Short-Term Institutions, Analyst Recommendations, and Mispricing: The Role of Higher-Order Beliefs, Journal of Accounting Research 59, 2021, 911–958 (with M. Cremers and A. Pareek) [SSRN Link]
Carbon Tail Risk, Review of Financial Studies 34, 2021, 1540–1571 (with E. Ilhan and G. Vilkov) [SSRN Link]
IQ-KAP ESG Research Prize–ESG Special Award 2020
Cited in IMF’s Global Financial Stability Report (October 2019), ESRB’s Financial Stability Report (June 2020), and European Commission’s European Financial Stability and Integration Review 2021
Short-Term Investors, Long-Term Investments, and Firm Value: Evidence from Index Inclusions, Management Science 66, 2020, 4535-4551 (with M. Cremers and A. Pareek) [SSRN Link]
The Importance of Climate Risks for Institutional Investors, Review of Financial Studies 33, 2020, 1067-1111 (with P. Krueger and L. Starks) [SSRN Link]
ICPM 2018 Research Award
Cited in IMF’s Global Financial Stability Report (April 2020), ECB’s Financial Stability Review (May 2021), and speeches by central bankers (Bundesbank President Dr. Weidmann or SNB Board Member Dr. Maechler)
#8 Most Cited Article over Last 5 Years in the Review of Financial Studies (2017-2021)
Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting, Review of Finance 24, 2020, 305-344 (with T. Ladika) [SSRN Link]
Finalist Review of Finance Pagano-Zechner Award 2020
Best Paper Award MIT Asia Conference in Accounting 2014
The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting, Review of Financial Studies 31, 2018, 4142-4186 (with T. Jochem and T. Ladika) [SSRN Link]
Indirect Costs of Financial Distress and Bankruptcy Law: Evidence from Trade Credit and Sales, Review of Finance 22, 2018, 1667-1704 (with V. Vladimirov) [SSRN Link]
Contracting between Firms: Empirical Evidence, Review of Economics and Statistics 100, 2018, 92-104 (with R. Iyer) [SSRN Link]
Cross-Border Mergers and Acquisitions: The Role of Private Equity Firms, Strategic Management Journal 38, 2017, 1688-1700 (with M. Humphery-Jenner and J. Suchard) [SSRN Link]
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors, The Journal of Finance 71, 2016, 2905-2932 (with J. McCahery and L. Starks) [SSRN Link]
Top 3 Most Cited Articles over Last 5 Years in The Journal of Finance (2016-2021)
Opening the Black Box: Internal Capital Markets and Managerial Power, The Journal of Finance 68, 2013, 1577-1631 (with M. Glaser and F. Lopez-de-Silanes) [SSRN Link]
Did SOX Section 404 Make Firms Less Opaque? Evidence from Cross-Listed Firms, Contemporary Accounting Research 30, 2013, 1133–1165 (with S. Arping) [SSRN Link]
Internal Capital Markets and Corporate Politics in a Banking Group, Review of Financial Studies 24, 2011, 358-401 (with M. Cremers and R. Huang) [SSRN Link]
Out-of-Court Restructuring versus Formal Bankruptcy in a Non-Interventionist Bankruptcy Setting, Review of Finance 14, 2010, 623-668 (with P. Jostarndt) [SSRN Link]
Corporate Governance and Leverage: Evidence from a Natural Experiment, Finance Research Letters 7, 2010, 127-134 (with S. Arping) [SSRN Link]
Finance Research Letters Ross Best Paper Award 2010
How Do Managers Behave in Stock Option Plans? Clinical Evidence from Exercise and Survey Data, Journal of Financial Research 32, 2009, 123-155 (with M. Weber) [SSRN Link]
Journal of Financial Research Outstanding Article Award 2009
Financial Distress, Corporate Control, and Management Turnover, Journal of Banking & Finance 32, 2008, 2188-2204 (with P. Jostarndt) [SSRN Link]