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I am an Associate Professor at the Finance Department at Rotterdam School of Management, Erasmus University Rotterdam, and a member of the Finance Theory Group (FTG). I obtained a PhD in Financial Economics from the University of Amsterdam in 2019.

My work covers topics in climate finance, financial intermediation, monetary policy, and intangible capital.

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


Working Papers

  • Voting on Public Goods: Citizens vs Shareholders

  • With Doron Levit, Nadya Malenko, and Magdalena Rola-Janicka
  • Revise & Resubmit, Review of Financial Studies
  • Selected conferences: 3rd Holden Conference in Finance and Real Estate, OU-RFS Climate and Energy Conference, Stigler Center-CEPR Political Economy of Finance Conference, 2025 Weinberg IRRCi Center Corporate Governance Symposium, Adam Smith Workshop 2025, FIRS 2025, SAIF Annual Research Conference 2025
  • 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

  • With Magdalena Rola-Janicka
  • Accepted, Journal of Financial Economics
  • Selected conferences: SFS Cavalcade 2024, Adam Smith Workshop 2024, EWFS 2024, WFA 2023, EFA 2023, FTG Spring Meeting 2023, SITE 2022.

  • Monetary Policy, Carbon Transition Risk, and Firm Valuation

  • With Adrian Lam
  • 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: CEPR Paris Symposium 2024, GRETA CREDIT conference 2024.

  • Creating Intangible Capital

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

    • Publications

  • 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

  • Monetary Policy and Intangible Investment

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

  • 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

  • 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

    • Older Working Papers

  • 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!


  • 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

    Journal of Finance; Review of Financial Studies; Review of Finance; Journal of Monetary Economics; Journal of Money, Credit, and Banking; Journal of Corporate Finance; Journal of Banking and Finance; Review of Corporate Finance Studies; 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