Work in progress and selected working papers

  • Bohnet, M.-P., Fliegel, P., Schönauer, A., van Mierlo, C., Zioga, M., Hagen, A. (2026): Integrating Political Economy and Financial Markets in Qualitative Scenario Analysis to Elicit EU Decarbonization Pathways

  • Bohnet, M.-P., Carattini, S., Sen, S. (2026). Carbon pricing and investors’ reactions: Evidence from Washington state.

  • Bohnet, M.-P., Feil, N. (2026). Assessing the Impact of the EU CBAM on EU Producers: A Stock Market Perspective.

  • Fliegel, P., Hagen, A., Stomper, A. (2026). The political economy of asset ownership: Evidence from the global power sector.

  • Rischen, L., Hagen, A. (2026). Climate Risk Spillovers and Sovereign Financing Conditions.

  • Hagen, A., Kollenbach, G. (2025). Climate Policies, Investments, and the Role of Elections. https://www.ifo.de/cesifo/5cb

  • Fliegel, P., Hagen, A., Koch, N., Ritter, N. (2025). Carbon Pricing and Household Finance: How Banks Price Transition Risk in Auto Loans. https://www.ifo.de/cesifo/Zxb

  • Bohnet, M.-P., Gerstmeier, F., Hagen, A., Van Mierlo, C. (2025). Gender differences in sustainable investment preferences: The role of disclosure and product category labeling. SSRN: http://dx.doi.org/10.2139/ssrn.5777565

  • Rischen, L. (2025). The Impact of Green Financial and Monetary Policy on the Low-Carbon Energy Transition: Global Empirical Evidence. SSRN: http://dx.doi.org/10.2139/ssrn.5272716

  • Bohnet, M., Fliegel, P., Tax, T. (2025). Not Just Knocking on Wood: The Short-and Long-Term Pricing of Deforestation Risk on Global Financial Markets
    http://dx.doi.org/10.2139/ssrn.5155518

  • Hagen, A., Holz, F., Montes de Oca Leon, M. (2024). The Political Economy of Fossil Fuel Subsidy Removal: Evidence from Bolivia and Mexico, IMF Working Papers 2024, 230 (2024), https://doi.org/10.5089/9798400290480.001

  • Bohnet, M., Hagen, A. and Sen, S. (2024). The value of corporate lobbying for turbulent times: Evidence from the EU-ETS (Draft available)

Publications

  • Fliegel, P. (2026). How you measure transition risk matters: comparing and evaluating climate transition risk metrics. Journal of Corporate Finance. https://www.sciencedirect.com/science/article/pii/S092911992500207X

  • Hagen, A. (2025). Contested Compromise: Public Policy Reforms as Share Contests. Economics & Politics 0: 1–11. https://doi.org/10.1111/ecpo.70024.

  • Fliegel, P. (2025). “Brown” Risk or “Green” Opportunity? The dynamic pricing of climate transition risk on global financial markets. Energy Economics. https://doi.org/10.1016/j.eneco.2025.108456.

  • Fliegel, P. (2025). How (Not) to Measure Companies' Climate Transition Risk: A Framework and Categorized Literature Review. Corp Soc Responsib Environ Manag. https://doi.org/10.1002/csr.3094

  • Von Dulong, A. Hagen, A. (2025). Institutions make a difference: assessing the predictors of climate policy stringency using machine learning. Environmental Research Letters, Volume 20, Number 1.
    https://doi.org/10.1088/1748-9326/ada0cb

  • Lessmann, K., Schütze, F., Von Dulong, A., Engler, D., Gutsche, G., Hagen, A., Klein, C., McConnell, A., Schenker, O., Von Schickfus, M. T. & Yanovski, B. (2024). Can the Financial Sector Protect the Climate? The Potential of Sustainable Finance. In: Wendt, K., Villhauer, B. (eds) Sustainable Wealth Management . Sustainable Finance. Springer, Cham. https://doi.org/10.1007/978-3-031-55505-3_3

  • Hagen, A., & Schopf, M. (2024). Political influence on international climate agreements with border carbon adjustment. Journal of Environmental Economics and Management, 102979. https://doi.org/10.1016/j.jeem.2024.102979

  • Zioga, M. et al (2024): Observed carbon decoupling of subnational production insufficient for net-zero goal by 2050. Proceedings of the National Academy of Sciences. 10.1073/pnas.2411419121

  • Von Dulong, A., Gard-Murray, A., Hagen, A., Jaakkola, N. and Sen, S. (2023). Stranded Assets: Research Gaps and Implications for Climate Policy.
    Review of Environmental Economics and Policy 2023 17:1, 161-169. https://doi.org/10.1086/723768

Presentations

Selected Conderences and Presentations 2025

  • 30th Annual Conference of the European Association of Environmental and Resource Economists (EAERE), Bergen (Norway)

  • Dutch Sustainable Finance Workshop 2025, Rotterdam (Netherlands)

  • 7th JRC Summer School on Sustainable Finance (hybrid)

  • European Economic Association (EEA) 2025, Bordeaux (France)

  • 3rd Conference on Sustainable Banking and Finance (CSBF), Naples (Italy)

  • Doctorissimes 2025, Paris (France)

  • 8th Annual Conference of the Global Research Alliance for Sustainable Finance and Investment (GRASFI), Paris (France)

  • Green Finance Research Advances (GFRA), Paris

  • EARE Winterschool 2025, Annecy (France)

“Evidence and drivers of decoupling economic growth from biodiversity degradation”. (Presenter: Maria Zioga)

“Carbon Pricing and Household Finance: How Banks Price Transition Risk in Auto Loans”. (Presenter: Philip Fliegel)

“The Impact of Green Financial and Monetary Policy on the Low-Carbon Energy Transition”. (Presenter: Lukas Rischen)

“Cooperation, inequality, and equity in the endogenous choice of institutions to provide public goods”. (Presenter: Achim Hagen)

“Not Just Knocking on Wood: The Short-and Long-Term Pricing of Deforestation Risk on Global Financial Markets”. (Presenter: Marc Bohnet)

“The Value of Corporate Lobbying for Turbulent Times: Evidence from the EU Emissions Trading System” (Presenter: Marc Bohnet)

Selected Presentations 2024

  • VfS Annual Conference, TU Berlin. Achim Hagen, „The Political Economy of Stranded Assets: Climate Policies, Investments and the Role of Elections”

  • 9th Public Investors Conference, Singapore. Philip Fliegel, “How You Measure Transition Risk Matters: Comparing and Evaluating Climate Transition Risk Metrics”

  • Economics Seminar at Wageningen University. Achim Hagen, “The Political Economy of Stranded Assets: Climate Policies, Investments and the Role of Elections"

  • 7th Annual Global Research Alliance for Sustainable Finance and Investment (GRASFI) Conference at Singapore Management University. Philip Fliegel, “How You Measure Transition Risk Matters: Comparing and Evaluating Climate Transition Risk Metrics”

  • 29th Annual Conference of the European Association of Environmental and Resource Economists (EAERE), Leuven. Philip Fliegel, “How You Measure Transition Risk Matters: Comparing and Evaluating Climate Transition Risk Metrics”

Selected Conferences 2023:

  • 28th Annual Conference of the European Association of Environmental and Resource Economists (EAERE), Cyprus. Achim Hagen: “The Political Economy of Stranded Assets”

  • 9th International Symposium on Environment and Energy Finance Issues (ISEFI), Paris. Philip Fliegel: “The Dynamic Pricing of Climate Transition Risk on Global Financial Markets”

  • 11th Workshop Banks and Financial Markets, Halle Institute for Economic Research (IWH). Marc Bohnet: “The value of corporate lobbying for turbulent times : Evidence from the EU-ETS”

  • Economics of Sustainability Workshop, University of Oxford. Achim Hagen: “The political economy of fossil-fuel subsidy removal: Theory and empirical evidence from presidential democracies”

  • Financial Regulation - Going Green Workshop, Humboldt-Universität zu Berlin. Achim Hagen: “Endogenous climate policy, systemic risk and asset stranding”

  • European Public Choice Society (EPCS) in Hannover. Achim Hagen: “The Political Economy of Stranded Assets”