Textbooks

• Credit Risk Modeling using Excel and VBA 2e (Wiley, 2010, with Peter N. Posch)
• Finanzierung  (Books on Demand, 2022)

Working Papers

• Valuation and design of sustainability-linked bonds (2023, with An Chen and Maria Hinken)

Journals

• Predicting the equity premium with combination forecasts: a reappraisal. Review of Asset Pricing Studies (2024) 14, Pages 545–577 (with Sebastian Denk)  Last Working Paper version  AI-generated podcast
• Analyst distance and credit rating consistency. Journal of International Money and Finance (forthcoming, with Marc Altdörfer and Andre Guettler)
• How effectively do green bonds help the environment?  Journal of Banking and Finance (2024) 158, 107051 (with Mona ElBannan). Internet Appendix   AI-generated podcast
• Equity premium forecasts tend to perform worse against a buy-and-hold benchmark. Critical Finance Review (2022) 11, 65-77.  http://dx.doi.org/10.1561/104.00000110.  Appendix.  Code.    
• Negative news and the stock market impact of tone in rating reports.  Journal of Banking and Finance (2021) 133, 106256 (with Lars Norden and Alexander Rieber)
• Does the value premium decline with investor interest in value?  Journal of Behavioral Finance (2020) 4, 399-411.
• The systemic risk implications of using credit ratings versus quantitative measures to limit bond portfolio risk. Journal of Financial Services Research (2020) 58, 39-57.
• The case for a European rating agency: evidence from the Eurozone sovereign debt crisis. Journal of International Financial Markets, Institutions & Money (2019) 58, 1-18 (with Marc Altdörfer, Carlos De las Salas and Andre Guettler)
• Predatory short sales and bailouts. German Economic Review (2019) 20, e469-e491 (with Sebastian Kranz and Peter N. Posch)
• Pitfalls in the use of systemic risk measures. Journal of Financial and Quantitative Analysis (2018) 53, 269-298 (with Peter Raupach)
• A long-run performance perspective on the technology bubble.  Financial Review (2018) 55, 379-412 (with Maximilian Franke)
• Is contagion infecting your portfolio? A study of the euro sovereign debt crisis, Journal of Fixed Income (2016) 25, 46-57 (with Dirk G. Baur)
• Predicting the equity premium with the demand for gold coins and bars, Finance Research Letters (2015) 13, 172–178 (with Dirk G. Baur)
• Tower building and stock market returns . Journal of Financial Research  (2013) 36, 413:434.
• Wall Street's bail-out bet: Market reactions to house price releases in the presence of bail-out expectations. Journal of Banking and Finance (2013) 37, 5147-5158 ( with Peter N. Posch)
• Can market discipline work in the case of rating agencies? Some lessons from Moody's stock price. Journal of Financial Services Research (2013) 43, 149-174.
• Can rating agencies look through the cycle? Review of Quantitative Finance and Accounting (2013) 40, 623-646.
• Incorporating the dynamics of leverage into default prediction . Journal of Banking and Finance (2011) 35, 3351-3361 (with Alina Maurer)
• Measuring the effects of geographical distance on stock market correlation, Journal of Empirical Finance (2011) 18, 237-247(with Stefanie Eckel, Alina Maurer and Volker Schmidt)
• Corporate bond defaults are consistent with conditional independence. Journal of Credit Risk (2010), (with Florian Kramer)
• The complementary nature of ratings and market-based measures of default risk. Journal of Fixed Income (2007) Summer, 38-47.
• Who knows what when? The information content of pre-IPO prices. Journal of Financial Intermediation (2005) 14, 466-484, with Patrick F. Panther and Erik Theissen)
• Avoiding the rating bounce: Why rating agencies are slow to react to new information. Journal of Economic Behavior and Organization 56 (2005), 365-381.
• Ratings versus market-based measures of default risk in portfolio governance. Journal of Banking and Finance 28 (2004), 2715-2746.
• Implied asset value distributions. Applied Financial Economics 14 (2004), 875-883.
• Evaluating credit risk models using loss density forecasts. Journal of Risk 4 (2003), with Hergen Frerichs. Reprinted in: Jorion, P. (2004): Innovations in risk management. Seminal Papers from the Journal of Risk.
• An anatomy of rating through the cycle. Journal of Banking and Finance 28 (2004), 695-720
• What is at stake when determining lifetime asset allocation. Kredit und Kapital 26 (2003), 254-280.
• The effects of estimation error on measures of portfolio credit risk. Journal of Banking and Finance 27 (2003), 1427-1453.
• Ausfallorientierte Performanceanalyse. Finanzmarkt und Portfoliomanagement 14 (2000), 239-51.
• Bestimmung des Anlagerisikos bei Aktiensparplänen. Die Betriebswirtschaft 60 (2000), 350-361.
• Refining the Carlson-Parkin Method. Economics Letters 64 (1999), 167-171.
• Die Verarbeitung von Gewinnprognosen auf dem deutschen Aktienmarkt. Zeitschrift für betriebswirtschaftliche Forschung 51 (1999), S. 128-147.
• Biases in Analyst Forecasts - Cognitive, Strategic, or Second-best? International Journal of Forecasting 14 (1998), 261-275. Reprinted in Batchelor/Dua (2003): Financial Forecasting, Volume I.
• Welche Faktoren beeinflussen erwartete Aktienrenditen? - Eine Untersuchung anhand von Umfragedaten. Zeitschrift für Wirtschafts-und Sozialwissenschaften 2 (1997),  209-246 (with Martin Weber).

Other

• Understanding the Corporate Bond Yield Curve. Pension Forum 15 (2004), 2-34 (with Holger Höfling and Rüdiger Kiesel)
• Anlagestrategien für die private Altersvorsorge. In: Horstkotte, C. und I. Westphal (Hrsg.): Asset Management 2002. Schaeffer-Poeschel (2001), 23-36.
• Über- und Unterreaktion von Finanzanalysten. Behavioral Finance Group, Band 7 (with Martin Weber).

Dissertation

• Der Beitrag von Finanzanalysten zur Informationsverarbeitung: Eine empirische Untersuchung für den deutschen Aktienmarkt. Hrsg. von Prof. Dr. Jan Pieter Krahnen und Prof. Richard Stehle, Ph.D. Deutscher Universitätsverlag 1998.