Prof. Dr. Martin Nerlinger
Assistant Professor of Finance, University of St. Gallen (HSG)
Faculty Member, Swiss Finance Institute
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I study how climate, biodiversity, and other sustainability risks are priced and transmitted in financial markets—and how market design and institutional investors can accelerate a net-zero, nature-positive transition.
Climate Risk Pricing & Market Efficiency
Climate Risk Pricing & Market Efficiency
Asset pricing, asset management, liquidity, valuation, and market design in the transition to net zero.
Nature-related and Biodiversity Finance
Nature-related and Biodiversity Finance
Measuring nature-related risks and their implications for firm value, investor behavior, and capital allocation.
Sustainable Value Creation of Firms
Sustainable Value Creation of Firms
Measurement, governance, and firm strategy to assess and benchmark sustainable value creation.
Selected Research
Selected Research
What drives sustainable institutional engagement and voting behavior? — Evidence on how institutions choose between engagement and proxy voting.
Carbon Risk — Measuring and pricing carbon risk in capital markets.
Disclosure and Liquidity: The Ownership Channel — Linking carbon disclosure to liquidity and ownership.
You never know the value of water before the well runs dry — SDGs, ESG, and firm value.
Value Creation Ratings Report 2025 — Benchmarking sustainable value creation at the firm level.
Full list and working papers: see Research.
Latest / News
Latest / News
12/2025: I will co-host a workshop, "How Firms Can Govern Nature – From Biodiversity Risk to Financial and Strategic Value Creation" at the World Biodiversity Forum (WBF2026). Please sign up here.
12/2025: The working paper "How Does Competition Affect Firms’ Carbon Performance? Firm-Level Evidence from Tariff Cuts" received the Best Paper Award from the RCF-ECGI Corporate Finance Governance 2025 Conference.
11/2025: The new report "Value Creation Ratings Report 2025 proof-of-concept: The Sustainable Value Creation of Firms" was launched in St.Gallen.
10/2025: The paper "What drives sustainable institutional engagement and voting behavior?" is accepted at the Financial Review.
09/2025: The working paper "How Does Competition Affect Firms’ Carbon Performance? Firm-Level Evidence from Tariff Cuts" received the Climate Finance Award 2025 from the Liechtenstein Workshop of Sustainable Finance.
Value Creation Rating PoC_2025 (SSRN).pdfThe Financial Review - 2025 - Nerlinger - What Drives Sustainable Institutional Engagement and Voting Behavior.pdfEQx_2025.pdfValue Creation Rating Pilot Report_2024 (SSRN).pdfContact
Contact
School of Finance, SBF-HSG (Swiss Institute of Banking and Finance)
and FSI-HSG (Center for Financial Services Innovation), Assistant Professor
Swiss Finance Institute, Faculty Member
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