My research examines how climate and nature-related risks affect asset prices, liquidity, corporate strategy, and investor behavior—and how governance and market design can support a net-zero, nature-positive transition.
My research examines how climate and nature-related risks affect asset prices, liquidity, corporate strategy, and investor behavior—and how governance and market design can support a net-zero, nature-positive transition.
Value Creation Ratings Report 2025 Proof-of-Concept: The Sustainable Value Creation of Firms
(with Tomas Casas-Klett). VCr2025 Report, 2025.
What drives sustainable institutional engagement and voting behavior?
(with Jonas Zink, Marco Wilkens, and Martin Rohleder). The Financial Review, 2025.
Value Creation Ratings Pilot Report 2024: The Sustainable Value Creation of Firms
(with Tomas Casas-Klett). VCr2024 Report, 2024.
Assessing the Sustainability of the Business Model: Firm Governance Using the Sustainable Value Creation Framework and its Measurements
(with Tomas Casas-Klett) In: Hilb, M. (Ed.) Governance of Sustainability: The role of the board of directors and management in sustainable value creation, 2023, Haupt; ISBN: 978-3-258-08332-2.
The impact of the Russia-Ukraine conflict on energy firms: A capital market perspective
(with Sebastian Utz). Finance Research Letters, 50, 2022, 103243.
Enhancing the accuracy of firm valuation with multiples using carbon emissions
In: Jurczenko, E. (Ed.). Climate Investing: New Strategies and Implementation Challenges, John Wiley & Sons, 2022.
Get green or die trying? Carbon risk integration into portfolio management
(with Andrea Jacob and Maximilian Görgen). Journal of Portfolio Management, 2021, 47(3), 77-93.
Will the DAX 50 ESG establish the standard for German sustainable investments? A sustainability and financial performance analysis
Credit and Capital Markets, 2020, 53(4), 461-491.
Disclosure and Liquidity: The Ownership Channel
(with Adrian Finke, Julia Meyer, Ryan Riordan, and Sebastian Utz). Working Paper.
How does Competition Affect Firms' Carbon Performance? Firm-Level Evidence from Tariff Cuts
(with Manuel C. Kathan, Raphaela Röder, and Sebastian Utz). Working Paper.
Winner of the Climate Finance Award of the Liechtenstein Workshop on Sustainable Finance 2025, Winner of the Best Paper Award of the 6th Annual RCF-ECGI Corporate Finance and Governance Conference.
Carbon Risk
(with Maximilian Görgen, Andrea Jacob, Ryan Riordan, Martin Rohleder, and Marco Wilkens). Working Paper.
Winner of the Best Paper Award of the Southwestern Finance Association Conference 2018.
Winner of the Highest Impact Award of the Green Summit 2017 in Liechtenstein.
You never know the value of water before the well runs dry - The impact of Sustainable Development Goals on firm value
(with Marco Wilkens). Working Paper.
Winner of the Impact Award of the Workshop Sustainable Finance 2020 in Liechtenstein.
The Link between Climate Change Risk Perception, Strategy, and Performance: A Risk-Based Approach to Corporate Climate Change
(with Judith Walls, Sebastian Utz, and Sarah Stephen). Working Paper.
Power of Shareholder Proposals
(with Jonas Zink, Marco Wilkens, and Martin Rohleder).
Game Theoretic Insights in Sustainability-Linked Bonds
(with Tim Felix Schmedding).
EU ETS Effectiveness
(with Alexander Braun, Ryan Riordan, and Sebastian Utz).
Water Risk
(with Zeno Adams).
Sustainable Cities
(with Roland Fuess and Kathleen Kürschner Rauck).
Pollution and Private Equity
(with Tereza Tykvová).
The Elite Quality Index 2025 and Planetary Boundaries: Navigating Sustainability and Prosperity
Elite Quality Report 2025: Country Scores and Global Rankings, 2025, Anthem Press. (Tomas Casas-Klett and Guido Cozzi (Ed.)); ISBN: 9781839996429.
Ecology’s Integral Role in Elite Quality: Comprehensively Benchmarking the Sustainable Value Creation of Nations
Elite Quality Report 2024: Country Scores and Global Rankings, 2024, Seismo. (Tomas Casas-Klett and Guido Cozzi (Ed.)); ISBN: 978-3-03777-291-1.
Sustainable ecosystems analysis: Establishing Value Creation and Value Extraction
Elite Quality Report 2023: Country Scores and Global Rankings, 2023, Seismo. (Tomas Casas-Klett and Guido Cozzi (Ed.)); ISBN: 978-3-03777-277-5.
In Finanzmärkten ist Vertrauen eine harte Währung
SAGW Décodage, 2023.
Topstory School of Finance: Sustainable Development Goals
Jahresbericht (Annual Report) Universität St. Gallen, 2021.
Investors’ Delight? Climate Risk in Stock Valuation during COVID-19 and Beyond
(with Andrea Jacob). Sustainability, 2021, 3(21), 12182.
Carbon Risks and Financed Emissions of Financial Assets and Portfolios
Measurement, Management and Reporting based on Capital Market Data. 2020.
Carbon Footprints sind nicht gleich Carbon-Risiken
Zeitschrift für das gesamte Kreditwesen 73, 13/2020, 32-35, 2020 (with Marco Wilkens and Jonas Zink).
Case Studies of Environmental Risk Analysis Methodologies
Central Banks and Supervisors Network for Greening the Financial System (NGFS) Occasional Paper, Chapter 34, 539-558, 2020.