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Center for Sustainable Finance and Private Wealth



Who Pays for Sustainability? An Analysis of Sustainability-Linked Bonds
Kölbel Julian, Lambillon Adrien-Paul
SSRN, No. 4007629, Jan 2022

Do Investors care about Impact?
Heeb Florian, Kölbel Julian F.,  Paetzold Falko, Zeisberger Stefan
SSRN, No. 3765659, Jan 2021

Does the CDS Market Reflect Regulatory Climate Risk Disclosures?
Kölbel Julian F., Markus Leippold, Jordy Rillaerts, Qian Wang 
SSRN, No. 3616324, July 2020 

Preparing fertile ground: How does the business environment affect outcomes from microfinance?
Fu Jonathan, Krauss Annette
SSRN, No. 3532466, February 2020

Management of Environmental and Social Risks and Topics in the Banking Sector - an Empirical Investigation
Krauss Annette, Hummel Katrin, Laun Ute
SSRN, No. 3415580, June 2019

Drivers of Investor Motivations for Impact Investments: The Case of Microfinance
Meyer Julia, Krauss Annette, Bachmann Kremena
SSRN, No. 3395275, April 2019

What Drives Financial Inclusion at the Bottom of the Pyramid? Empirical Evidence from Microfinance Panel Data
Krauss Annette, Martinez Catalina
CMF Working Paper Series, No. 02-2015, March 2015

Social Versus Financial Return in Microfinance
Meyer Julia
CMF Working Paper Series, No. 01-2015, March 2015


Aggregate Confusion: The Divergence of ESG Ratings
Berg Florian, Kölbel Julian F., Rigobon Roberto
In: Review of Finance, May 2022

Wealthy Private Investors and Socially Responsible Investing: The Influence of Reference Groups
Risi Davis, Paetzold Falko, Kellers Anne
In: Sustainability, November 2021

Impact Investments: A Call for (Re)Orientation
Busch Timo, Bruce-Clark Peter, Derwall Jeroen, Eccles Robert, Hebb Tessa, Hoepner Andreas, Klein Christian, Krueger Philipp, Paetzold Falko, Scholtens Bert, Weber Olaf
In: SN Business & Economics, January 2021

Let’s Get Physical: Comparing Metrics of Physical Climate Risk
Hain Linda Isabella, Kölbel Julian F.
In: Finance Research Letters, April 2021

Unlocking the Black Box of Private Impact Investors
Busch Timo, Carroux Sarah, Paetzold Falko
In: Qualitative Research in Financial Markets, August 2021

Can Sustainable Investing Save the World? Reviewing the Mechanisms of Investor Impact
Kölbel Julian F., Heeb Florian, Paetzold Falko, Busch Timo
In: Organization & Environment, June 2020

Corporate carbon performance data: Quo vadis?
Busch Timo, Johnson Matthew, Pioch Thomas
In: Journal of Industrial Ecology, April 2020

Why Activist Hedge Funds Target Socially Responsible Firms: The Reaction Costs of Signaling Corporate Social Responsibility
DesJardine Mark R., Marti Emilio, Durand Rodolphe
In: Academy of Management Journal, April 2020

Ability or opportunity to act: What shapes financial well-being?
Fu Jonathan
In: World Development, Vol. 128, April 2020

The Social Performance of Microfinance Investment Vehicles
Meyer Julia, Krauss Annette
In: Journal of Sustainable Finance & Investment, January 2020

End of Life decommissioning and recycling of Solar Panels in the United States. A real options analysis
Chesney Marc, Vargas Carlos
In: The Journal of Sustainable Finance and Investment, December 2019

Signaling legitimacy across institutional contexts - The intermediary role of corporate social responsibility rating agencies
Kölbel Julian F., Busch Timo
In: Global Strategy Journal, August 2019

Industrial ecology, climate adaptation, and financial risk
Busch Timo
In: Journal of Industrial Ecology, Vol. 24, (2), p. 285-290, August 2019

How do theories become self-fulfilling? Clarifying the process of Barnesian performativity
Marti Emilio, Gond Jean-Pascal
In: Academy of Management Review, Vol. 44, (3), July 2019

On the Nature of Corporate Sustainability
Meuer Johannes, Kölbel Julian F., Hoffmann Volker H. 
In: Organization & Environment, June 2019

Financial Markets and the Transition to a Low-Carbon Economy: Challenging the Dominant Logics
Louche Celine, Busch Timo, Crifo Patricia, Marcus Alfred
In: Organization & Environment, Vol. 32, (1), p. 3-17, February 2019

Outreach and performance of microfinance institutions: the importance of portfolio yield
Meyer Julia
In: Applied Economics, Vol. 51, (27), p. 2945-2962, January 2019

Performance of Microfinance Institutions in Europe - Does Social Capital Matter?
Krauss Annette, Chmelikova Gabriela, Dvoulety Ondrej
In: Socio-Economic Planning Sciences, Vol. 68, November 2018

Long-term Investment Choices for Quinoa Farmers in Puno, Peru: A Real Options Case Study
Chesney Marc, Balietti Anca, Vargas Carlos
In: International Journal of Food and Agricultural Economics, Vol. 6, (4), October 2018

Value(s) for Whom? Creating Value(s) for Stakeholders
Busch Timo, Hamprecht Jens, Waddock Sandra 
In: Organization & Environment, Vol. 31, (3), p. 210-222, August 2018

The robustness of the corporate social and financial performance relation: a second-order meta-analysis
Busch Timo, Friede Gunnar
In: Corporate Social Responsibility and Environmental Management, Vol. 25, (4), p. 583-608, July 2018

Time and business sustainability: Socially responsible investing in Swiss banks and insurance companies
Risi David 
In: Business & Society, May 2018

The Six-Sentence Argument: Training Critical Thinking Skills Using Peer Review
Kölbel Julian F., Jentges Erik
In: Management Teaching Review, Vol. 3, (2), p. 118-128, November 2017

Financial inclusion and the 2030 Agenda for Sustainable Development: a missed opportunity
Fu Jonathan, Queralt Jahel, Romano Michele
In: Enterprise Development and Microfinance, Vol. 28, (3), p. 200-211, September 2017

Corporate carbon and financial performance – a meta-analysis
Busch Timo, Lewandowski Stefan
In: Journal of Industrial Ecology, Vol. 22, (4), p. 745-759, June 2018

Mitigating global warming: a real options approach
Chesney Marc, Lasserre Pierre, Troja Bruno
In: Annals of Operations Research, August 2017

Market Uncertainty and Risk Transfer in REDD Projects
Chesney Marc, Gheyssens Jonathan, Troja Bruno
In: Journal of Sustainable Forestry, June 2017

How Media Coverage of Corporate Social Irresponsibility Increases Financial Risk Media Coverage of Corporate Social Irresponsibility
Kölbel Julian F., Busch Timo, Jancso Leonhardt M.
In: Strategic Management Journal, Vol. 38, (11), p. 2266-2284, February 2017

Toxic Sustainable Companies? A Critique on the Shortcomings of current Corporate Sustainability Ratings and a Definition of ‘Financial Toxicity’
Chesney Marc, Seele Peter
In: Journal of Sustainable Finance & Investment, January 2017

Estimating corporate carbon footprints with externally available data
Goldhammer Bernhard, Busse Christian, Busch Timo 
In: Journal of Industrial Ecology, Vol. 21, (5), p. 1165-1179, December 2016

Reconsidering the “symmetry” between institutionalization and professionalization: The case of corporate social responsibility managers
Risi David, Wickert Christopher
In: Journal of Management Studies, Vol. 54, (5), p. 613-646, October 2016

Making money at the expense of the poor? An investigation of individuals’ preferences to impact invest versus donate
Scheck Barbara, Höchstädter Anna K., Busch Timo
In: ACRN Oxford Journal of Finance and Risk Perspectives, Vol. 5, (2), p. 141-163, August 2016

ESG and Financial Performance: Aggregated Evidence from more than 2,000 Empirical Studies
Friede Gunnar, Busch Timo, Bassen Alexander
In: Journal of Sustainable Finance & Investment, Vol. 5, (4), p. 210-233, December 2015

More than money: exploring the role of investment advisors for sustainable investing
Paetzold Falko, Chesney Marc, Busch Timo
In: Annals in Social Responsibility, Vol. 1, (1), p. 195-223, June 2015

Creating economic and environmental value through industrial symbiosis
Paquin Raymond L., Busch Timo, Tilleman Suzanne G. 
In: Long Range Planning, Vol. 48, (2), p. 95-107, April 2015

The role of short-termism and uncertainty avoidance in organizational inaction on climate change: a multi-level framework
Slawinski Natalie, Pinkse Jonatan, Busch Timo, Banerjee Subhabrata B.
In: Business & Society, Vol. 56, (2), p. 253-282, March 2015

Sustainable development and financial markets – old paths and new avenues
Busch Timo, Bauer Rob, Orlitzky Marc
In: Business & Society, Vol. 55, (3), p. 303-329, February 2015

Unleashing the powerful few: sustainable investing behaviour of wealthy private investors
Paetzold Falko, Busch Timo
In: Organization & Environment, Vol. 27, (4), p. 347-367, October 2014

Regional differences in the production processes of financial and social outputs of microfinance institutions
Bolli Thomas, Anh Vo T. 
In: Economics of Transition, Vol. 22, (3), p. 461-495, July 2014

Avoiding a global carbon crisis: Learning from the financial crisis
Shrivastava Paul, Busch Timo
In: Thunderbird International Business Review, Vol. 55, (6), p. 647-658, October 2013

Corporate strategies for managing climate risks
Weinhofer Georg, Busch Timo 
In: Business Strategy and the Environment, Vol. 22, (2), p. 121-144, July 2012

Disclosed corporate responses to climate change and stock performance: An international empirical analysis
Ziegler Andreas, Busch Timo, Hoffmann Volker H.
In: Energy Economics, Vol. 33, (6), p. 1283-1294, November 2011

How hot is your bottom-line? Linking carbon and financial performance
Busch Timo, Hoffmann Volker H.
In: Business & Society, Vol. 50, (2), p. 233-265, March 2011

Mikrofinanzierung – mehr als ein Steckenpferd für Wirtschaftswissenschaftler
Krauss Annette
In: SGG Revue, Vol. 150, (1), p. 12-15, January 2011

Effective shareholder engagement: An analysis of the factors that contribute to shareholder salience
Gifford E. James M. 
In: Journal of Business Ethics, Vol. 92, (1), p. 79-97, August 2010

University Leadership for Innovation in Global Health and HIV/AIDS Diagnostics
Krauss Annette, Stewart Kearsley A., Diermeier Daniel, Kelso David, Palamountain Kara M.
In: Global Public Health, Vol. 5, (2), p. 189-196, January 2010

Ecology-driven real options: an investment framework for incorporating uncertainties in the context of the natural environment
Busch Timo, Hoffmann Volker H. 
In: Journal of Business Ethics, Vol. 90, (2), p. 295-310, March 2009

Corporate carbon performance indicators: carbon intensity, dependency, exposure, and risk
Hoffmann Volker H., Busch Timo
In: Journal of Industrial Ecology, Vol. 12, (4), p. 505-520, November 2008

Emerging carbon constraints for corporate risk management
Busch Timo, Hoffmann Volker H. 
In: Ecological Economics, Vol. 62, (3-4), p. 518-528, May 2007

Measuring the environmental, social and ethical performance of pension funds
Gifford E. James M. 
In: Journal of Australian Political Economy, Vol. 52, p. 139-160, July 2004


Sustainable Investing Capabilities of Private Banks

Kwon Taeun, Andrew Douglas, Antonios Koumbarakis, Sofia Tsankova, Martje Timmermann, Lara Rossi 
May 2022

Blended Finance: When to use which Instrument?
Kwon Taeun, Panulo Barry, McCallum Stephen, Ivankovic Kelvin, Essa Zaakir
February 2022

Unlocking Investments for Water Entrepreneurship
Kwon Taeun, Truong Caroline, Hermann-Friede Janek, Bussmann Aline
December 2021

Swiss Sustainable Investment Market Study 2021  
Morgenthaler Jannis, Busch Timo, Döbeli Sabine, Hess Kelly, Bodenmann Anja, Laville Jean 
June 2021

Private Banking and International Environmental Goals – Aligning Misalignment
Duddy Erin, Kwon Taeun, Paetzold Falko
July 2020

Swiss Sustainable Investment Market Study 2020 (PDF, 8 MB)
Dettwiler Nadya, Hess Kelly, Bodenmann Anja, Busch Timo, Döbeli Sabine, Laville Jean
June 2020

Sustainable Investing Capabilities of Private Banks
Kwon Taeun, Paetzold Falko
November 2019

Impact Investing: Mapping Families' Interests and Activities
The ImPact, CSP
August 2019

Impact Investing for the Next Generation: Insights from Young Members of Investor and Business Families
Brown Katherine, Wood David, Paetzold Falko 
June 2019

Swiss sustainable investment market study 2019
Dahms Anna K., Busch Timo, Döbeli Sabine, Hess Kelly, Laville Jean, Bodenmann Anja
June 2019

Sustainable Investing Capabilities of Private Banks (PDF, 4 MB)
Kwon Taeun, Paetzold Falko
September 2018

Swiss sustainable investment market study 2018
Bues Mailin, Busch Timo, Döbeli Sabine, Hess Kelly, Laville Jean, Walker Anna
May 2018

Mapping Public Water Management by Harmonizing and Sharing Corporate Water Risk Information
Kölbel Julian, Strong Colin, Noe Cindy, Reig Paul
March 2018

Sustainable Investing: A Unique Opportunity for Swiss Private Wealth Management - Ten Arguments for Client Advisors
Paetzold Falko, Döbeli Sabine, Hess Kelly
March 2017

Sustainable Finance Capabilities of Private Banks (PDF, 3 MB)
Paetzold Falko, Kwon Taeun, Chen Tiffany
January 2017

Sustainable Finance in Switzerland: Where Do We Stand?
Krauss Annette, Meyer Julia, Krüger Philipp
September 2016

The Importance of Microfinance- Swiss Institutional Investor Survey 2014
Center for Microfinance, University of Zurich in collaboration with BlueOrchard Finance, S.A.
June 2014

Summary Report: The Level of Indebtedness of MSME Credit Customers and the Quality of Finance in Bosnia and Herzegovina
Krauss Annette, Meyer Julia, Pytkowska Justyna
January 2014

Lack of access or crowded markets? Towards a better understanding of microfinance market penetration
Krauss Annette, Lontzek Laura, Meyer Julia
August 2012

Over-indebtedness and microfinance: Constructing an early warning index
Kappel Vivien, Krauss Annette, Lontzek Laura
December 2010


On the Links between Corporate Environmental and Financial Performance: Camera or Mirror?
Busch Timo, Orlitzky Marc
Editor: McWilliams Abagail, Rupp Deborah E., Siegel Donald S., Stahl Günter K., Waldman David A.
In: The Oxford Handbook of Corporate Social Responsibility: Psychological and Organizational Perspectives, Oxford University Press, New York, p. 308-336, Published: 2019

Corporate Social Responsibility
Wickert Christopher, Risi David
Cambridge University Press, Cambridge, July 2019

Implementing corporate social responsibility as institutional work. Exploring the day-to-day activities of CSR managers in multinational corporations
Wickert Christopher, Risi David
Editor: Sales Arnaud
In: Corporate social responsibility and corporate change. Institutional and organizational perspectives, Springer, Cham, p. 243-258, Published: 2019

Integration ökologischer und sozialer Aspekte in das Kerngeschäft Europäischer Banken
Hummel Katrin, Laun Ute, Krauss Annette
Editor: Eberle Reto, Oesch David, Pfaff Dieter
In: WEKA Jahrbuch für Finanz- und Rechnungswesen, WEKA Business Media AG, Zurich, p. 247-274, Published: 2019

Performance und Wirkung nachhaltiger Kapitalanlagen
Busch Timo, Bassen Alexander, Friede Gunnar
Editor: Stapelfeldt Matthias, Granzow Martin, Kopp Matthias 
In: Greening Finance – Der Weg in eine nachhaltige Finanzwirtschaft, Logos Verlag, Berlin, p. 171-186, Published: 2018

Swiss Investments for Development Characteristics of a Market with Strong Growth Dynamics
Meyer Julia, Hess Kelly
Editor: Wendt Karen
In: Sustainable Financial Innovation, Taylor and Francis, Oxford, p. 172-190, Published: 2018

Understanding Sustainable Finance
Kölbel Julian, Jaeggi Olivier, Webber Ziero Gabriel, Tobin-de la Puente John
Editor: Wendt Karen
In: Positive Impact Investing : A Sustainable Bridge between Strategy, Innovation, Change and Learning, Springer, Berlin, p. 39-63, Published: 2018

What we know about the economic payoffs of corporate ecological sustainability
Guenther Edeltraut, Busch Timo, Endrikat Jan, Guenther Thomas, Orlitzky Marc
Editor: Weber James, Wasieleski David M.
In: Business and Society 360: Corporate Social Responsibility, Emerald Publishing Limited, Bingley, p. 325-352, Published: 2018

A permanent crisis
Chesney Marc
Palgrave Macmillan, Cham, January 2018

Impact Investing
Paetzold Falko
Editor: CFA Institute Research Foundation, CFA Society Switzerland, Swiss Sustainable Finance
In: Handbook for Sustainable Investments, Swiss Sustainable Finance, Zurich, p. 97-111, Published: 2017

Investieren in Mikrofinanz. Erträge und Risiken aus einer Perspektive der Verantwortung
Krauss Annette, Landolt Simone
Editor: Stüttgen Manfred
In: Ethik von Banken und Finanzen, Pano Verlag, Zürich, p. 141-164, Published: 2017

Mit Vermögen gestalten. Vermögende Privatinvestoren und junge Erben legen Wert auf Nachhaltigkeit
Paetzold Falko
Editor: Stüttgen Manfred
In: Ethik von Banken und Finanzen, Pano Verlag., Zürich, p. 77-97, Published: 2017

Towards a Global Climate Strategy: Reconciling Ecological, Entrepreneurial and Social Elements of Sustainability
Paetzold Falko, Presse André
Editor: George Gerard, Schillebeeckx Simon J D
In: Managing Natural Resources, Edward Elgar Publishing Ltd, Cheltenham, p. 271-292, Published: 2017

The changing role of asset owners in responsible investment
Gifford E. James M. 
Editor: Hebb Tessa, Hawley James P., Hoepner Andreas G.F., Neher Agnes, Wood David
In: The Routledge Handbook of Responsible Investment, Routledge, London, p. 435-443, Published: 2015

Active Ownership and ESG Performance
Majoch Arleta, Gifford E. James M., Hoepner Andreas G.F. 
Editor: Jones Steward, Ratnatunga Janek
In: Contemporary Issues in Sustainability Accounting, Assurance and Reporting, Emerald, Bingley, p. 115-138, Published: 2012

Managing for Climate Risk
Busch Timo, Berger Stephanie G., Paquin Raymond L.
Editor: Gallagher Deborah R.
In: Environmental Leadership, SAGE Publications, Thousand Oaks, p. 527-535, Published: 2012

Krauss Annette
Editor: Staub-Bisang Mirjam
In: Sustainable Investing for Institutional Investors: Risks, Regulations and Strategies, Wiley, Singapore, p. 136-141, Published: 2012

Krauss Annette
Editor: Staub-Bisang Mirjam
In: Nachhaltige Anlagen für institutionelle Investoren. Einführung und Überblick mit Fachbeiträgen und Praxisbeispielen, Verlag Neue Zürcher Zeitung, Zürich, p. 133-138, Published: 2011

Rethinking sustainability, innovation, and financial performance
Busch Timo, Stinchfield Brian T.T., Wood Matthew S.S. 
Editor: Marcus Alfred, Shrivastava Paul, Sharma Sanjay, Pogutz Stefano 
In: Cross-Sector Leadership for the Green Economy - Integrating Research and Practice on Sustainable Enterprise, Palgrave Publishing, New York, p. 81-105, Published: 2011

Sustainable Investing in Asia: Uncovering Opportunities and Risks
Paetzold Falko
Editor: Williams Geoffrey
In: Responsible Management in Asia, Palgrave Macmillan, London, p. 256-276, Published: 2011

The Global Carbon Crisis
Busch Timo, Shrivastava Paul
Greenleaf Publishing, Sheffield, July 2011

Financial markets and the United Nations Global Compact: the Principles for Responsible Investment
Gifford E. James M. 
Editor: Rasche Andreas, Kell Georg
In: The United Nations Global Compact: Achievements, Trends and Challenges, Cambridge University Press, Cambridge, p. 195-214, Published: 2010

Carbon Constraints
Busch Timo
Suedwestdeutscher Verlag für Hochschulschriften, Saarbrücken, April 2009

How stockholders can effectively engage with companies
Gifford E. James M. 
Editor: Gardner Conrad 
In: QFinance: The Ultimate Resource, Bloomsbury Information Plc, London, p. 310-321, Published: 2009

Quo vadis, carbon? New uncertainties require corporate carbon risk management
Busch Timo, Hoffmann Volker H. 
Editor: von Rohr Philipp R., Walde Peter, Batlogg Bertram
In: Energy, vdf Hochschulverlag, Zurich, p. 61-74, Published: 2009

Emission trading and effects on financial markets
Busch Timo
Editor: Antes Ralf, Hansjürgens Bernd, Letmathe Peter
In: Emissions Trading and Business, Physica-Verlag, Heidelberg, p. 257-272, Published: 2006

Towards sustainable banks and insurance companies
Orbach Thomas, Busch Timo
Editor: Seiler-Hausmann Jan-Dirk, Liedtke, Christa, von Weizsäcker Ernst U. 
In: Eco-Efficiency and Beyond, Greenleaf Publishing, Sheffield, p. 177-181, Published: 2004

Finanzsystementwicklung-Spar- und Kreditinstitutionen für die Armen
Krauss Annette, Verhagen Koenraad, Joussen Birgit
LIT Verlag, Münster, January 2001

Case Study on "Empowerment": The SEWA Approach
Krauss Annette, Osner Karl
Schriftenreihe Gerechtigkeit und Frieden der Deutschen Kommission Justitia et Pax, Bonn, January 1997