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Reviewed Articles

Reviewed Articles

  • Effekte guter Corporate Governance - Die Rolle unternehmerischer Transparenz (with Julia Redenius-Hövermann), 2020, Zeitschrift für Corporate Governance, 06/2020, 246-252.
  • Differentiation and Risk Aversion in Imperfectly Competitive Labor Markets (with Eberhard Feess, Natalie Packham and Markus Walzl), 2020, Journal of Institutional and Theoretical Economics, forthcoming.

  • Rating Changes and Portfolio Flows to Emerging Markets: Evidence from Active and Passive Funds (with Thomas Heyden and Peter Tillmann), 2019, Economics Letters, 178, 37-45.

  • The gender gap in “Bitcoin literacy” (with Tobias Meyll, Florian Röder and Andreas Walter), 2019, Journal of Behavioral and Experimental Finance, 22, 129-134.

  • The glass-cliff myth? - Evidence from Germany and the UK (with Myriam Bechtoldt and Björn Rock), 2019, Leadership Quarterly, 30(3), 273-297.
  • Content analysis of business-specific text documents: Introducing a German dictionary (with Thomas Pauls and Andreas Walter), 2019, Journal of Business Economics, 89(1),79-123.
  • Gender- and education-related effects of financial literacy and confidence on financial wealth (with Milena Schwarz), 2018, Journal of Economic Psychology, 67, 66-86.
  • Cash-flow sensitivities of interdependent corporate decisions - The role of financial constraints and hedging needs (with Carolin Schürg), 2018, Credit and Capital Markets, 51(2), 259-292.
  • Finanzwissen und Vorsorgesparverhalten (with Dennis Sinzig), 2017, Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, 70(3), 243-275.

  • Gender differences in financial risk taking: The role of financial literacy and risk tolerance (with Milena Neubert), 2016, Economics Letters, 145, 130-136. [Link]
  • Bewertungsmethoden in der Projektfinanzierung Erneuerbarer Energien – Realoptionsanalyse vs. Kapitalwertmethode, 2016, Zeitschrift für betriebswirtschaftliche Forschung, Vol. 68(1), 75-110.
  • Characteristics and development of corporate and sovereign CDS (with Heinz Vogel and Tom Heidorn), 2014, Journal of Risk Finance, Vol. 15(5), pp. 482-509
  • SMEs’ growth heterogeneity – Evidence from regional developments (with Sabrina Zahn), 2014, International Journal of Business Administration, Vol. 5(2), pp. 23-49.
  • Competition, bonuses, and risk-taking in the banking industry (with Eberhard Feess and Natalie Packham), 2013, Review of Finance, Vol. 17, pp. 653-690.
  • Are SMEs large firms en miniature? – Evidence from the growth of German SMEs (with Sabrina Zahn), 2012, International Journal of Entrepreneurship and Small Business, Vol. 17 (2), pp. 220-248.
  • The economic function of credit rating agencies - What does the watchlist tell us? (with Christian Hirsch), 2010, Journal of Banking and Finance, Vol. 34 (12), pp. 3037-3049.
  • Rating opaque borrowers: why are unsolicted ratings lower? (with Patrick Behr and André Güttler), 2010, Review of Finance, Vol. 14 (3), pp. 263-294.
  • Stabilität versus Aktualität - Wann sind stabile Agency-Ratings marktbasierten Bewertungen vorzuziehen?, 2010, Kredit und Kapital, No. 3/2010, pp. 349-374.
  • Is there a hold-up benefit in heterogeneous multiple bank financing?, 2010, Journal of Institutional and Theoretical Economics, Vol. 166(4), 641-661.
  • Open-End Real Estate Funds in Germany – Genesis and Crisis (with Falko Fecht and Marcel Tyrell), 2008, Kredit und Kapital, No. 1/2008, pp. 9-36.
  • Heterogeneous multiple bank financing: does it reduce inefficient credit-renegotiation incidences?, 2007, Financial Markets and Portfolio Management, Vol. 21, pp. 445-470.
  • The Role of Information Disclosure and Uncertainty in the 1994/95 Mexican Peso Crisis: Empirical Evidence, 2006, Review of International Economics, Vol. 14, No. 5, pp. 883-909.
  • Big Elephants in Small Ponds: Do Large Traders Make Financial Markets More Aggressive?, 2005, Journal of Monetary Economics, Vol. 52, No. 8, pp. 1517-1531.
  • Optimal Transparency and Risk-Taking to Avoid Currency Crises (with Frank Heinemann), 2005, Journal of Institutional and Theoretical Economics, Vol. 161, No. 3, pp. 374-391.
  • Private and Public Information in Self-Fulfilling Currency Crises, 2002, Journal of Economics, Vol. 76, No. 1, pp. 65-85.



  • Vertragstheorie –Eine Einführung mit finanzökonomischen Beispielen und Anwendungen, 2005, Springer, Physica-Verlag, Berlin Heidelberg New York.
  • Information Dissemination in Currency Crises, 2003, Springer, Berlin Heidelberg New York, Dissertation.

Working Papers

Working Papers

  • The sustainability trap: Active fund managers between ESG investing and fund overpricing (with Yannik Bofinger, Kim Heyden and Björn Rock), 2020
  • Corporate Social Responsibility and Credit Risk (with Yannik Bofinger and Björn Rock), 2020
  • What could possibly go wrong? Predictable misallocation in simple debt repayment experiments (with Florian Gärtner and Darwin Semmler), 2020
  • Summarization in Financial Disclosures: Determinants and Effects of Prospectus Summaries (with Daniel Blaseg), 2020

  • Doing Safe by Doing Good: Non-Financial Reporting and the Risk Effects of Corporate Social Responsibility (with Yannik Bofinger and Björn Rock), 2020

  • Learning from the Bad Guys– What Investors Learn from Error Announcements over Time (with Corinna Ewelt-Knauer, Fabienne Hermann and Mohamed Khaled), 2020

  • The Corporate Compliance Function - Effects on Equity and Credit Risk (with Anastasia Bauer, Yannik Bofinger and Corinna Ewelt-Knauer), 2020

  • The symmetry and asymmetry of bidder and target termination fees in acquisitions, with Corinna Ewelt-Knauer and Jan-Philipp Kölling, 2020
  • CEO-speeches and stock returns, with Thomas Pauls and Andreas Walter, 2020
  • The role of financial literacy and confidence for entrepreneurship (with Carolin Schürg and Milena Schwarz), 2019
  • Does credit card repayment behavior depend on the presentation of interest payments? The cuckoo fallacy, with Florian Gärtner and Darwin Semmler, 2018
  • Performance-sensitive bank loans – The intertwined effects of performance measurement and pricing grid asymmetry, with Markus Wiemann, 2014, under revision.
  • Do credit ratings affect firm investments? The monitoring role of rating agencies, with Christian Hirsch and Markus Wiemann, 2013, under revision.
  • Bonuses as screening devices: The detrimental impact of labour market competition, with Eberhard Feess, 2012, under revision.
  • Credit rating agencies, financial market efficiency, and stability, with Marcel Tyrell, 2011, Working Paper Series: Finance and Accounting, No. 160 (revised), Goethe-University Frankfurt.
  • The capital structure of Germany’s Mittelstand – Data and literature review on an alleged equity gap, with Michael Grote, 2011.
  • Determinants of banks’ engagement in loan securitization, with Dennis Hänsel, 2010, Deutsche Bundesbank, Discussion Paper, Series 2: Banking and Financial Studies, No. 10.
  • Austausch von Kosteninformationen in Supply Chains – Open Book Accounting, Unsicherheit und Vertrauen, 2010.

Work in Progress

Work in progress


  • Sustainable Finance Literacy & Sustainability Preferences, mit Alix Auzepy und Florian Gärtner (Justus-Liebig-Universität Gießen)
  • Sustainable management compensation in Germany, mit Jan Reinschmidt (Justus-Liebig-Universität Gießen)
  • Managing Climate-related Financial Risks in the Banking Sector, mit Alix Auzepy (Justus-Liebig-Universität Gießen)
  • Walk the Talk: Shareholders’ Soft Engagement on Annual General Meetings, mit Alix Auzepy und Fabio Martin (Justus-Liebig-Universität Gießen)
  • Performance effects of diversity in corporate boards, mit Björn Rock und Benjamin Fiorelli (Justus-Liebig-Universität Gießen)