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I am an Associate Professor at the Finance Department at Rotterdam School of Management, Erasmus University Rotterdam.
I am also a CEPR Research Affiliate and a member of the Finance Theory Group (FTG).

My work covers topics in climate finance, financial intermediation, monetary policy, and intangible capital. I obtained a PhD in Financial Economics from the University of Amsterdam in 2019.

My papers are listed below, also see my Google Scholar Profile


Publications

  • Voting on Public Goods: Citizens vs Shareholders

  • Review of Financial Studies, conditionally accepted
  • With Doron Levit, Nadya Malenko, and Magdalena Rola-Janicka
  • Winner of the John L. Weinberg / IRRCi Research Paper Award
  • Online Appendix | CLS Blue Sky Blog | Promarket.org Blog

  • Too Levered for Pigou: Carbon Pricing, Financial Constraints, and Leverage Regulation

  • Journal of Financial Economics, Volume 172, October 2025 | Lead Article
  • With Magdalena Rola-Janicka
  • Online Appendix

  • Bank Capital Regulation in a Zero Interest Environment

  • Journal of the European Economic Association, Issue 23-3, June 2025
  • Supported through the ECB's Lamfalussy fellowship program

  • Sustainability Preferences Under Stress: Evidence from COVID-19

  • Journal of Financial and Quantitative Analysis, Volume 59, March 2024
  • With Sehoon Kim
  • Listed as top high impact article in the JFQA over 2022-23, based on Altmetric scores
  • Online Appendix | Wall Street Journal | CESifo Forum | VoxEU column | PRI column | e-axes column

  • Monetary Policy and Intangible Investment

  • Journal of Monetary Economics, Volume 134, March 2023
  • With Lev Ratnovski
  • Online Appendix | VoxEU column

  • Liquidity Creation, Investment, and Growth

  • Journal of Economic Growth, Volume 28, June 2023
  • With Thorsten Beck, Thomas Lambert, and Mathijs van Dijk
  • Online Appendix | VoxEU column

  • Is there an investment gap in advanced economies? If so, why?

  • Prepared and published for the ECB Forum on Central Banking (Sintra)
  • With Germán Gutiérrez and Thomas Philippon
  • VoxEU Column

    • Working Papers

  • Intellectual Property Protection for AI-Generated Output

  • With Logan Emery and Shuo Zhao
  • New paper! We model firms' innovation investment when generative AI lowers investment costs but only sufficient human input guarantees IP protection.

  • Monetary Policy, Carbon Transition Risk, and Firm Valuation

  • With Adrian Lam
  • Revise & Resubmit, Review of Finance
  • Selected conferences: CEPR Paris Symposium 2024, SGFIN Research Conference on Sustainability Singapore 2024, EEA 2024.

  • Do Voluntary Initiatives Make Loans Greener? Evidence from Project Finance

  • With Tobias Berg, Xander Hut, and Wolf Wagner
  • Selected conferences: Kellogg Innovations in Sustainable Finance conference 2025, CEPR Paris Symposium 2024, GRETA CREDIT conference 2024.

  • Creating Intangible Capital

  • With Enrico Perotti and Tomislav Ladika
  • Selected conferences: AFA Annual Meeting, FIRS

  • Secular Trends and Technological Progress

  • With Enrico Perotti
  • Among others, presented at the NBER Summer Institute (Capital Markets and the Economy Workshop) and the CEPR Annual Macro and Growth Meeting

    • Discussions

    Slides are available upon request. Feel free to send me an e-mail if you are interested!


  • Biais, Hombert, Schmidt, and Weill. Cap and Trade with Imperfect Hedging (Research Conference on Climate- and Nature-Related Risks in the Economic and Financial System 2026)
  • Degorce. Public credit and the financial cycle (Erasmus Macro-Finance-History Workshop 2025)
  • Piatti, Shapiro, Wang. Sustainable Investing and Public Goods Provision (EFA 2025)
  • Li, Ma, and White. The Making of (Modern) Banks (LUISS/CEPR Finance Workshop 2025)
  • Marques-Ibanez, Sastry, and Verner. Business as Usual: Bank Net Zero Commitments, Lending, and Engagement (BIS-CEPR-Gerzensee-SFI Conference on Financial Intermediation 2025
  • Altavilla, Boucinha, Pagano, and Polo. Climate Risk, Bank Lending and Monetary Policy (CEPR Climate Change & the Environment Programme Conference 2024)
  • Allen, Barbalau, and Zeni. Reducing Carbon using Regulatory and Financial Market Tools (FIRS 2024)
  • Sannino. Committing to Trade: A Theory of Intermediation (BSE Summer Forum 2024)
  • Andersen, Chebotarev, Filali-Adib, and Nielsen. Rich and Responsible: Is ESG a Luxury Good? (CEPR Ninth European Workshop on Household Finance 2024)
  • Corell and Papoutsi. Borrowing Beyond Bounds: How Banks Pass On Regulatory Compliance Costs (Tilburg Finance Summit 2024)
  • Wiwattanakantang, Mehrotra, Roth, and Tsujimoto. Index Inclusion and Corporate Social Performance: Evidence from the MSCI Empowering Women Index (SGF Conference 2024)
  • Bisceglia, Piccolo, and Schneemeier. Externalities of Responsible Investments (Vienna Finance Theory Festival 2023)
  • Biais and Landier. Emission caps and investment in green technologies (Luxembourg Conference in Sustainable Finance 2022)
  • Goldstein, Huang, and Yang. Open Banking Under Maturity Transformation (HEC Banking in the Age of Challenges Conference 2022)
  • Su. The Macroeconomics of TechFin (EFA 2022)
  • Geelen, Hajda, Morellec, and Winegar. Financing Cycles (JEF Amsterdam 2022)
  • Granja and Moreira. Product Innovation and Credit Market Disruptions (Barcelona GSE Summer Forum 2021)
  • Hong, Lu, and Pan. FinTech Platforms and Mutual Fund Distribution (ERIC 2021)
  • Dreyer. Mispricing, Misallocation, and Corporate Investment (Paris December Finance Meeting 2021)
  • Wang. Banks, Low Interest Rates, and Monetary Policy Transmission (Barcelona GSE Summer Forum 2019)
  • Terovitis. Raising capital under demand uncertainty (Benelux Corporate Finance Day 2019)
  • Derrien, Fresard, Slabik, and Valta. The Negative Effects of Mergers and Acquisitions on the Value of Rivals (EFA 2018)
  • Jorda, Schularick, Taylor, and Ward. Global Financial Cycles and Risk Premiums (Bundersbank Conference Financial Cycles and Regulation 2018)
  • Ahnert and Perotti. Seeking Safety (IWH FIN-FIRE Conference 2018)

    • Refereeing

    American Economic Review; Journal of Finance; Review of Financial Studies; Review of Finance; Journal of Monetary Economics; Management Science; Journal of Corporate Finance; Journal of Banking and Finance; Review of Corporate Finance Studies; Journal of Money, Credit, and Banking; Journal of Economic Dynamics and Control; Macroeconomic Dynamics; Journal of International Money and Finance

    Teaching

    At Rotterdam School of Management, I am currently teaching:

  • Monetary Policy, Banks, and Financial Markets (B.Sc. minor)
  • Corporate Finance (M.Sc. Finance and Investments)
  • Supervising several master theses, with a focus on topics in financial intermediation and sustainable finance.

    • Contact

    • adressAddress
      Rotterdam School of Management, Erasmus University Rotterdam
      Burgemeester Oudlaan 50
      Mandeville Building, Room T08-46
      3062 PA Rotterdam
    • maileMail
      doettling rsm.nl
    • mailOffice Phone
      +31 (0)10 40 82748