Google Scholar


[37] “The Optimization of Risk, Return, and Carbon Emissions” with Carsten Müller and Papa Orgen (work in progress)

[36] “Banks’ Balance Sheet Management as a Bargaining Tool: Evidence from Union Strikes”, with Sylvester Adasi Manu and Weichao Wang (work in progress)

[35] “Environmental Disasters and Local Credit Markets”, with Matheus Moura (work in progress)

[34] “Portfolio Allocation and Optimization with Carbon Offsets: Is it Worth the While?” with Carsten Müller and Papa Orgen, March 2023

  • Award for the best paper at the Sixth International Conference on Social Impact Investments, Rome 2022

[33] “How do Climate Policy Events Shape the Pricing of Carbon in ETS Compliance and Voluntary Carbon Credit Markets?“ with Riccardo Cosenza, Eric Nowak, and Papa Orgen, January 2023

[32] “Information Sharing, Access to Finance, Loan Contract Design, and the Labor Market” with Thorsten Beck and Raquel de Freitas Oliveira, January 2023

[31] “Rethinking voluntary carbon offsets in the EU ETS: A critical review” with Sebastian Bleuel, Carsten Müller and Eric Nowak, Discussion Paper 22, Discussion Papers in Business and Economics, Fulda University of Applied Sciences, June 2022

[30] “Neighborhood Social Capital, Account Usage and Savings Behavior in Low-Income Countries: Field Experimental Evidence from Senegal” with Jorge Jacob, December 2021 (R&R at Journal of International Development)


[29] “Product Markets and Default Risk of Small Businesses: Evidence from a Financial Crisis”, with Andreas Madestam, April 2017

[28] “Credit Risk Transfer, Real Sector Productivity, and Financial Deepening”, with Samuel Lee, WP 153, Working Paper Series Finance & Accounting, Goethe University Frankfurt, 2008


[27] “Labor and Finance: The Effect of Bank Relationships” with Lars Norden and Raquel de Freitas Oliveira, Journal of Financial and Quantitative Analysis (forthcoming)

[26] “Voluntary Carbon Markets“ with Alec Bernasconi, Riccardo Cosenza, Niccolo Maiò, Eric Nowak, Ivana Pallister, Maneesh Wadhwa, SIX Group White Paper, 2022 (pdf)

[25] “Microcedit Impacts: Evidence from a large-scale Observational Study in Brazil” with Rafael Goldszmidt, Anna-Katharina Lenz, Cesar Zucco, Lauro Gonzalez, and Martin Valdivia, European Journal of Development Research 34, 1940-1966, 2022

[24] “The (Un)Intended Effects of Government Bailouts: The Impact of TARP on the Interbank Market and Bank Risk-Taking” with Weichao Wang, Journal of Banking and Finance 116, 2020

[23] “Financial Incentives and Loan Officer Behaviour: Multitasking and Allocation of Effort under an Incomplete Contract” with Alejandro Drexler, Reint Gropp and André Güttler, Journal of Financial and Quantitative Analysis 55(4), 1243-1267, 2020

  • Semifinalist best paper award in the category Financial Markets and Institutions, Financial Management Association, Las Vegas 2016

Covered in:

  • Frankfurter Allgemeine Tageszeitung (FAZ)

[22] “Did Government Regulations Lead to Inflated Credit Ratings?”, with Darren Kisgen and Jerome Taillard, Management Science 64(3), 1034-1054, 2018

  • Abstracted in the Notre Dame Center for the Study of Financial Regulation’s Studies Review of Financial Regulation Studies Winter 2015, Issue 14

[21] “Sex and Credit: Do Gender Interactions Matter for Credit Market Outcomes?”, with Thorsten Beck and Andreas Madestam, Journal of Banking and Finance 80, 380-397, 2018

Covered in:

  • Financial Times Adviser
  • Vox
  • World Bank Economics Blog

[20] “Individual versus village lending: Evidence from Montenegro” with Thorsten Beck, Review of Development Economics 21(4), e67-e87, 2017

[19] “Cyclicality of SME Lending and Government Involvement in Banks” with Daniel Foos and Lars Norden, Journal of Banking and Finance 77, 64-77, 2017

[18] “The German Banking System”, with Reinhard H. Schmidt, in: Beck, T. and Casu, B. (eds.):  The Palgrave Handbook of European Banking, Palgrave MacMillan, London, Chapter 21, 541-566, 2017

[17] “Financial Constraints of Private Firms and Bank Lending Behaviour”, with Lars Norden and Felix Noth, Journal of Banking and Finance 37(9), 3472-3485, 2013

[16] “Gender and Banking: Are Women Better Loan Officers?”, with Thorsten Beck and André Güttler, Review of Finance 17(4), 1279-1321, 2013

Covered in:

  • NY Times Economics Blog
  • The Wall Street Journal Economics Blog
  • Vox

[15] “On Portfolio Optimization: Imposing the Right Constraints”, with Andre Güttler and Felix Miebs, Journal of Banking and Finance 37(4), 1232-1242, 2013

[14] “Opaqueness and Bank Risk Taking”, Brazilian Review of Finance 10(4), 499-527, 2012

  • Award for the best published paper in the Brazilian Review of Finance in 2012

[13] “The effect of information sharing between lenders on access to credit, cost of credit, and loan performance – Evidence from a credit registry introduction” with Simon Sonnekalb, Journal of Banking and Finance 36(11), 3017-3032, 2012

[12] “Using Industry Momentum to Improve the Performance of Minimum-Variance Portfolios”, with André Güttler and Fabian Trübenbach, Journal of Banking and Finance 36(5) 1414-1423, 2012

[11] “How do Lending Relationships affect Access to Credit and Loan Conditions in Microlending?” with André Güttler and Annekathrin Entzian, Journal of Banking and Finance 35(8), 2169-2178, 2011

[10] “Rating opaque borrowers: why are unsolicited ratings lower?”, with Christina Bannier and André Güttler, Review of Finance 14(2), 263-294, 2010

[9] “Market Structure, Capital Regulation and Bank Risk Taking”, with Reinhard H. Schmidt and Ru Xie, Journal of Financial Services Research 37(2), 131-158, 2010

  • Award for the best paper in the category Banking and Financial Institutions of the Midwest Finance Association, Houston 2008

[8] “On the necessity to regulate credit derivatives markets”, with Rym Ayadi, Journal of Banking Regulation 10(3), 179-201, 2009

[7] “On the required regulatory support for credit derivative markets”, with Rym Ayadi, in: Anderloni, L., Llewellyn, D. T., Schmidt, R.H. (eds.): Financial innovation in Retail and Corporate Banking, Edward Elgar, Cheltenham, 2008

[6] “The informational content of unsolicited ratings”, with André Güttler, Journal of Banking & Finance 32(4), 587-599, 2008

[5] “Risk and return characteristics of the new Covered Call-Index of the German Stock Exchange”, with Hartmut Graf and André Güttler, Kredit und Kapital 41(1), 37-58, 2008 (in German)

[4] “Credit risk assessment and relationship lending: An empirical analysis of German SMEs”, with André Güttler, Journal of Small Business Management 45(2), 194-213, 2007

[3] “Risk exposure of German universal and mortgage banks to macroeconomic shocks” with Steffen Sebastian, Kredit und Kapital 39(4), 513 – 536, 2006 (in German)

[2] Basel II and Controlling: A practical concept for a Basel II-adequate management, with Jörg Fischer, Gabler-Verlag, 227 p., 2005 (in German)

[1] Internal and external ratings: importance, development, tests, with André Güttler, Bankakademie-Verlag, 177 p., 2004 (in German)