Got rejected? Real effects of not getting a loan“, 2018, Review of Financial Studies 31(12), 4912-4957

What Explains the Difference in Leverage between Banks and Non-Banks?“, with Jasmin Gider, 2016, Journal of Financial and Quantitative Analysis 52(6), 2677-2702

  • Best Paper Award, Banking workshop Muenster 2015
  • Do-files
  • Note: The Stata files referred to in this code can be made available to WRDS subscribers that have access to Compustat and CRSP. Please send an email to to request the data.

Mind the Gap…The Syndicated Loan Pricing Puzzle Revisited“, with Anthony Saunders, Sascha Steffen, and Daniel Streitz, 2017, Review of Financial Studies, 30(3),  948-987

An Analysis of the Consistency of Banks’ Internal Ratings“, with Philipp Koziol, 2017, Journal of Banking and Finance, 78, 27-41

The Total Costs of Corporate Borrowing in the Loan Market: Don’t Ignore the Fees“, with Sascha Steffen and Anthony Saunders, 2016, Journal of Finance, 71(3), 1357-1392

Playing the Devil’s Advocate: The Causal Effect of Risk Management on Loan Quality“, 2015, Review of Financial Studies, 28(12), 3367-3406

  • Best Paper Award, German Finance Association Meetings (DGF) 2014

Does Contingent Capital Induce Excessive Risk-Taking?“, 2015, with Christoph Kaserer, Journal of Financial Intermediation, 24(3), 356-385

  • Best Paper Award, Journal of Financial Intermediation, 2015
  • Best Paper Award, German Finance Association Meetings (DGF) 2011

Extracting the Equity Premium from CDS Spreads“, 2013, with Christoph Kaserer,  Journal of Derivatives, 21(1), 8-26

  • Best Paper Award, SUERF Colloquium


Determinants of the Size of the Sovereign Credit Default Swap Market“, with Daniel Streitz, 2016, Journal of Fixed Income, 25(3), 58-73

The Term Structure of Risk Premia: Evidence from CDS Spreads“, 2013, ECB Working Paper No. 1165.

A Certification Model for Regulatory Arbitrage: Will Regulatory Arbitrage persist under Basel III?“, 2011, with Bernhard Gehra and Michael Kunisch, Journal of Fixed Income, Fall 2011, 39-56

From actual to risk-neutral default probabilities: Merton and beyond“, 2010, Journal of Credit Risk, 6(1), 55-86


On the Rise of FinTechs – Credit Scoring using Digital Footprints“, R&R (2nd round) Review of Financial Studies, with V. Burg, A. Gombović, and M. Puri

Loan Officer Incentives, Internal Rating Models and Default Rates“, R&R Review of Finance, with Manju Puri and Jörg Rocholl


Unique Equilibrium in Market-Triggered Contingent Capital, with Eva Schliephake

“Brexit” and the Contraction of Syndicated Lending, with A. Saunders, L. Schäfer, and S. Steffen (available upon request)

Identifying Causal Aggregate Effects: Estimating the Effect of a Credit Supply Shock on Firm Growth, with Daniel Streitz and Michael Wedow (available upon request)

The Term Structure of Risk Premia: Evidence from CDS Spreads?“, 2013, ECB Working Paper Series