Zacharias Sautner

University of Zurich - Department of Finance

Plattenstr 32

Zurich, 8032

Switzerland

Swiss Finance Institute

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

SCHOLARLY PAPERS

40

DOWNLOADS
Rank 220

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Top 220

in Total Papers Downloads

101,186

SSRN CITATIONS
Rank 777

SSRN RANKINGS

Top 777

in Total Papers Citations

1,703

CROSSREF CITATIONS

194

Scholarly Papers (40)

1.

The Effects of Mandatory ESG Disclosure Around the World

Journal of Accounting Research, forthcoming, Swiss Finance Institute Research Paper No. 21-44, European Corporate Governance Institute – Finance Working Paper No. 754/2021
Number of pages: 81 Posted: 26 Apr 2021 Last Revised: 15 Apr 2024
University of Geneva - Geneva Finance Research Institute (GFRI), University of Zurich - Department of Finance, The University of Hong Kong - Faculty of Business and Economics and The University of Western Australia - UWA Business School
Downloads 16,587 (436)
Citation 69

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Sustainability reports, ESG reporting, Nonfinancial information, ESG incidents

2.

ESG Shareholder Engagement and Downside Risk

Review of Finance, Forthcoming, AFA 2018 paper, European Corporate Governance Institute – Finance Working Paper No. 671/2020, Swiss Finance Institute Research Paper No. 23-77
Number of pages: 55 Posted: 25 Nov 2016 Last Revised: 25 Oct 2023
Smurfit Graduate Business School, University College Dublin, University of Reading - ICMA Centre, University of Zurich - Department of Finance, University of Texas at Austin - Department of Finance and University of Oxford-Smith School of Enterprise and the Environment
Downloads 10,947 (922)
Citation 37

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ESG, Shareholder Activism, Downside Risk, Corporate Governance, Climate Change

3.

Firm-level Climate Change Exposure

Journal of Finance, Forthcoming, European Corporate Governance Institute – Finance Working Paper No. 686/2020 , TRR 266 Accounting for Transparency Working Paper Series No. 33
Number of pages: 108 Posted: 13 Jul 2020 Last Revised: 21 Jun 2023
University of Zurich - Department of Finance, Frankfurt School of Finance and Management, Frankfurt School of Finance & Management and Shanghai University of Finance and Economics
Downloads 9,800 (1,091)
Citation 200

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Climate change, climate risk, conference calls, institutional investors

4.

Is History Repeating Itself? The (Un)Predictable Past of ESG Ratings

European Corporate Governance Institute – Finance Working Paper 708/2020
Number of pages: 59 Posted: 05 Nov 2020 Last Revised: 01 Sep 2021
Florian Berg, Kornelia Fabisik and Zacharias Sautner
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Bern and University of Zurich - Department of Finance
Downloads 9,628 (1,131)
Citation 71

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ESG ratings, ESG investment, CSR

5.

Behind the Scenes: The Corporate Governance Preferences of Institutional Investors

Journal of Finance 71, 2016, 2905-2932
Number of pages: 46 Posted: 15 Mar 2010 Last Revised: 03 Feb 2020
Joseph A. McCahery, Zacharias Sautner and Laura T. Starks
Tilburg University - School of Law; European Banking Center (EBC), University of Zurich - Department of Finance and University of Texas at Austin - Department of Finance
Downloads 7,262 (1,823)
Citation 155

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Institutional investors, corporate governance, shareholder activism

6.

The Importance of Climate Risks for Institutional Investors

Swiss Finance Institute Research Paper No. 18-58, European Corporate Governance Institute - Finance Working Paper No. 610/2019
Number of pages: 83 Posted: 27 Aug 2018 Last Revised: 11 Mar 2020
Philipp Krueger, Zacharias Sautner and Laura T. Starks
University of Geneva - Geneva Finance Research Institute (GFRI), University of Zurich - Department of Finance and University of Texas at Austin - Department of Finance
Downloads 6,565 (2,164)
Citation 604

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Climate Risks, ESG, Institutional Investors

7.

Climate Risk Disclosure and Institutional Investors

Swiss Finance Institute Research Paper No. 19-66, European Corporate Governance Institute – Finance Working Paper No. 661/2020
Number of pages: 66 Posted: 19 Aug 2019 Last Revised: 30 Nov 2022
National University of Singapore (NUS) - Sustainable & Green Finance Institute (SGFIN), University of Geneva - Geneva Finance Research Institute (GFRI), University of Zurich - Department of Finance and University of Texas at Austin - Department of Finance
Downloads 5,177 (3,270)
Citation 122

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Climate risk disclosure, non-financial reporting, institutional investors

8.

Carbon Tail Risk

The Review of Financial Studies, 2021, 34(3), 777-799
Number of pages: 56 Posted: 19 Jul 2018 Last Revised: 29 Jun 2022
Emirhan Ilhan, Zacharias Sautner and Grigory Vilkov
National University of Singapore (NUS) - Sustainable & Green Finance Institute (SGFIN), University of Zurich - Department of Finance and Frankfurt School of Finance & Management
Downloads 4,413 (4,304)
Citation 14

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carbon risk, tail risk, climate finance, climate risk

9.

Do Investors Care About Biodiversity?

Review of Finance, forthcoming, Swiss Finance Institute Research Paper No. 23-24, European Corporate Governance Institute – Finance Working Paper No. 905/2023
Number of pages: 105 Posted: 23 Mar 2023 Last Revised: 07 Apr 2024
Audencia Business School, Toulouse Business School, University of Zurich - Department of Finance and University of Zurich - Department of Finance
Downloads 3,248 (7,122)
Citation 4

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Biodiversity, corporate biodiversity footprint, Kunming Declaration, natural capital, nature, stock returns, Taskforce for Nature-related Financial Disclosures (TNFD)

10.

Pricing Climate Change Exposure

TRR 266 Accounting for Transparency Working Paper Series No. 49, Management Science, forthcoming
Number of pages: 55 Posted: 25 Feb 2021 Last Revised: 29 Jun 2022
University of Zurich - Department of Finance, Frankfurt School of Finance and Management, Frankfurt School of Finance & Management and Shanghai University of Finance and Economics
Downloads 3,027 (7,939)

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climate finance, climate change exposure, climate risk premium, tail risk, climate change opportunities

11.

Institutional Investors and Corporate Governance

Foundations and Trends in Finance, forthcoming, European Corporate Governance Institute – Finance Working Paper 700/2020
Number of pages: 112 Posted: 03 Sep 2020 Last Revised: 13 Jul 2021
Amil Dasgupta, Vyacheslav Fos and Zacharias Sautner
London School of Economics (LSE), Boston College - Department of Finance and University of Zurich - Department of Finance
Downloads 2,854 (8,705)
Citation 28

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Institutional Investors, Corporate Governance, Exit, Voice, Shareholder Activism, Proxy Voting Advisors

12.

Did SOX Section 404 Make Firms Less Opaque? Evidence from Cross-Listed Firms

Contemporary Accounting Research, 30, 2013, 1133–1165
Number of pages: 40 Posted: 02 Mar 2010 Last Revised: 30 Jan 2015
Stefan Arping and Zacharias Sautner
University of Amsterdam Business School and University of Zurich - Department of Finance
Downloads 2,524 (10,582)
Citation 11

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Sarbanes-Oxley Act, Analyst Forecasts, Corporate Governance, Disclosure Regulation

13.

Short-Term Investors, Long-Term Investments, and Firm Value: Evidence from Russell 2000 Index Inclusions

Number of pages: 39 Posted: 23 Jan 2016 Last Revised: 16 May 2019
Martijn Cremers, Ankur Pareek and Zacharias Sautner
University of Notre Dame, Bucknell University, Freeman College of Management and University of Zurich - Department of Finance
Downloads 1,714 (19,572)
Citation 43

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short-termism, managerial myopia, investment, misvaluation

14.

Opening the Black Box: Internal Capital Markets and Managerial Power

Journal of Finance 68, 2013, 1577-1631 , EFA 2007 Ljubljana Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 112 Posted: 25 Mar 2008 Last Revised: 30 Jan 2015
Markus Glaser, Florencio Lopez-de-Silanes and Zacharias Sautner
Ludwig Maximilian University of Munich (LMU) - Faculty of Business Administration (Munich School of Management), SKEMA Business School and University of Zurich - Department of Finance
Downloads 1,626 (21,191)
Citation 23

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Internal Capital Markets, Capital Budgeting, Managerial Power, Corporate Politics

Short-Term Institutions, Analyst Recommendations, and Mispricing: The Role of Higher-Order Beliefs

Number of pages: 62 Posted: 19 Dec 2012 Last Revised: 16 Jan 2021
Martijn Cremers, Ankur Pareek and Zacharias Sautner
University of Notre Dame, Bucknell University, Freeman College of Management and University of Zurich - Department of Finance
Downloads 1,546 (22,550)
Citation 15

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Short-term Institutions; Analyst Recommendations; Mispricing; Higher-Order Beliefs

Short-Term Institutions, Analyst Recommendations, and Mispricing: The Role of Higher Order Beliefs

Journal of Accounting Research, Volume 59, Issue 3 (2021)
Posted: 28 Jun 2021
Martijn Cremers, Ankur Pareek and Zacharias Sautner
University of Notre Dame, Bucknell University, Freeman College of Management and University of Zurich - Department of Finance

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short-term institutions; analyst recommendations; mispricing; higher order beliefs

16.

Corporate Governance and Internal Capital Markets

Harvard Business School Finance Working Paper No. 1530565, AFA 2011 Denver Meetings Paper
Number of pages: 47 Posted: 03 Jan 2010 Last Revised: 07 Jun 2010
Zacharias Sautner and Belen Villalonga
University of Zurich - Department of Finance and New York University (NYU) - Leonard N. Stern School of Business
Downloads 1,137 (35,912)
Citation 7

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Corporate governance, internal capital markets, ownership, diversification

17.

Managerial Short-Termism and Investment: Evidence from Accelerated Option Vesting

Number of pages: 63 Posted: 29 Jun 2013 Last Revised: 25 Jun 2019
Tomislav Ladika and Zacharias Sautner
University of Amsterdam and University of Zurich - Department of Finance
Downloads 1,131 (36,164)
Citation 41

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Managerial myopia, corporate investment, vesting duration, FAS 123-R

18.

Cross-Border Mergers and Acquisitions: The Role of Private Equity Firms

Strategic Management Journal, Forthcoming, 25th Australasian Finance and Banking Conference 2012, 2013 Financial Markets & Corporate Governance Conference, UNSW Australian School of Business Research Paper No. 2012 BFIN 10
Number of pages: 40 Posted: 25 Feb 2012 Last Revised: 19 Sep 2016
University of New South Wales (UNSW)UNSW Business School, University of Zurich - Department of Finance and UNSW Business SchoolFinancial Research Network (FIRN)
Downloads 1,101 (37,668)
Citation 17

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Mergers and acquisitions, private equity, information asymmetries

19.

Out-of-Court Restructuring versus Formal Bankruptcy in a Non-Interventionist Bankruptcy Setting

Review of Finance 14, 2010, 623-668
Number of pages: 58 Posted: 25 Mar 2008 Last Revised: 03 Aug 2012
Philipp Jostarndt and Zacharias Sautner
Ludwig Maximilian University of Munich (LMU) - Faculty of Business Administration (Munich School of Management) and University of Zurich - Department of Finance
Downloads 1,067 (39,398)
Citation 5

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Bankruptcy, debt restructuring, capital structure

20.

Corporate Governance and the Design of Stock Option Contracts

AFA 2007 Chicago Meetings Paper, EFA 2006 Zurich Meetings, Die Betriebswirtschaft, 71, 331-354.
Number of pages: 50 Posted: 24 Oct 2005 Last Revised: 15 Apr 2015
Zacharias Sautner and Martin Weber
University of Zurich - Department of Finance and University of Mannheim - Department of Banking and Finance
Downloads 1,060 (39,762)
Citation 6

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Stock Option Programs, Program Design, Corporate Governance, Empirical Evidence

21.

The EU Taxonomy and the Syndicated Loan Market

Number of pages: 41 Posted: 04 Apr 2022 Last Revised: 03 Apr 2024
Zacharias Sautner, Jing Yu, Rui Zhong and Xiaoyan Zhou
University of Zurich - Department of Finance, The University of Sydney, The University of Western Australia - UWA Business School and University of Oxford, Smith School of Enterprise and the Environment
Downloads 913 (49,099)
Citation 7

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EU Taxonomy; Climate resilience; Syndicated loan spreads; Climate risk

22.

Corporate Climate Lobbying

Swiss Finance Institute Research Paper No. 24-14, European Corporate Governance Institute – Finance Working Paper No. 960/2024
Number of pages: 86 Posted: 01 Feb 2024 Last Revised: 22 Mar 2024
Markus Leippold, Zacharias Sautner and Tingyu Yu
University of Zurich, University of Zurich - Department of Finance and University of Zurich - Department Finance
Downloads 733 (66,452)
Citation 1

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Corporate Lobbying, Climate Change, Stock Returns

23.

Climate Value and Values Discovery in Earnings Calls

TRR 266 Accounting for Transparency Working Paper Series No. 136, Swiss Finance Institute Research Paper No. 23-92
Number of pages: 75 Posted: 10 Oct 2023 Last Revised: 03 Nov 2023
University of Zurich - Department of Finance, Frankfurt School of Finance and Management, Frankfurt School of Finance & Management and Shanghai University of Finance and Economics
Downloads 707 (69,483)

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Climate change; earnings calls; financial analysts; value and values discovery; analyst careers

24.

Climate Transition Risks of Banks

Swiss Finance Institute Research Paper No. 23-66
Number of pages: 62 Posted: 28 Aug 2023 Last Revised: 19 Apr 2024
Felix Martini, Zacharias Sautner, Sascha Steffen and Carola Theunisz
Frankfurt School of Finance & Management, University of Zurich - Department of Finance, Frankfurt School of Finance & Management and Frankfurt School of Finance and Management
Downloads 680 (72,762)

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Climate transition risks, banking sector, syndicated loans

25.

Internal Capital Markets and Corporate Politics in a Banking Group

Review of Financial Studies, 24, 2011, 358-401 , European Banking Center Discussion Paper No. 2009-15S, Yale ICF Working Paper No. 08-19, AFA 2010 Atlanta Meetings Paper, CentER Discussion Paper Series No. 2009-47S
Number of pages: 54 Posted: 31 Jul 2008 Last Revised: 02 Aug 2012
Martijn Cremers, Rocco Huang and Zacharias Sautner
University of Notre Dame, Michigan State University - Department of Finance and University of Zurich - Department of Finance
Downloads 669 (74,146)
Citation 21

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internal capital markets, capital markets, retail banking, corporate politics

26.

The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting

The Review of Financial Studies (Forthcoming)
Number of pages: 71 Posted: 22 May 2015 Last Revised: 09 Feb 2018
Torsten Jochem, Tomislav Ladika and Zacharias Sautner
University of Amsterdam, University of Amsterdam and University of Zurich - Department of Finance
Downloads 606 (83,897)
Citation 5

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Executive retention, Unvested equity, Stock options, Accelerated option vesting, FAS 123-R

27.

Lawyer Expertise and Contract Design – Evidence from M&A Negotiations

Number of pages: 54 Posted: 13 Mar 2015 Last Revised: 29 Jul 2021
Christel Karsten, Ulrike Malmendier and Zacharias Sautner
Strategy&, University of California, Berkeley - Department of Economics and University of Zurich - Department of Finance
Downloads 561 (92,491)
Citation 2

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Contracting; M&A, Lawyers

28.

Financial Distress, Corporate Control, and Management Turnover

Number of pages: 44 Posted: 07 Nov 2007
Philipp Jostarndt and Zacharias Sautner
Ludwig Maximilian University of Munich (LMU) - Faculty of Business Administration (Munich School of Management) and University of Zurich - Department of Finance
Downloads 554 (94,009)
Citation 5

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Corporate control, financial distress, restructuring

29.

What Determines How Top Managers Value Their Stock Options?

Number of pages: 34 Posted: 04 Jul 2008 Last Revised: 12 Sep 2010
Zacharias Sautner, Martin Weber and Markus Glaser
University of Zurich - Department of Finance, University of Mannheim - Department of Banking and Finance and Ludwig Maximilian University of Munich (LMU) - Faculty of Business Administration (Munich School of Management)
Downloads 528 (99,760)
Citation 4

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Executive Stock Options, Subjective Option Values, Optimism, Overconfidence, Miscalibration

30.

Limited Attention to Detail in Financial Markets: Evidence from Reduced-Form and Structural Estimation

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 131 Posted: 09 Jun 2016 Last Revised: 26 Jan 2024
Henrik Cronqvist, Tomislav Ladika, Elisa Pazaj and Zacharias Sautner
Chapman University - The George L. Argyros College of Business and Economics, University of Amsterdam, University of Amsterdam and University of Zurich - Department of Finance
Downloads 515 (103,637)
Citation 2

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Limited attention, option expensing, analyst recommendations, earnings forecasts, FAS 123-R

31.

Corporate Governance and Leverage: Evidence from a Natural Experiment

Tinbergen Institute Discussion Paper 10-019/2, Finance Research Letters, Vol. 7, No. 2, 2010
Number of pages: 20 Posted: 07 Feb 2010 Last Revised: 30 Jan 2015
Stefan Arping and Zacharias Sautner
University of Amsterdam Business School and University of Zurich - Department of Finance
Downloads 484 (110,930)
Citation 6

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Corporate Governance, Corporate Leverage, Financing Policy

32.

Indirect Costs of Financial Distress and Bankruptcy Law: Evidence from Trade Credit and Sales

Review of Finance, Forthcoming , AFA 2014 Philadelphia Meetings Paper, EFA 2009 Bergen Meetings Paper
Number of pages: 53 Posted: 06 Mar 2008 Last Revised: 18 Aug 2018
Zacharias Sautner and Vladimir Vladimirov
University of Zurich - Department of Finance and University of Amsterdam Business School
Downloads 465 (116,332)
Citation 9

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Bankruptcy Costs, Workouts, Bankruptcy Law, International Comparison

33.

How Do Managers Behave in Stock Option Plans? Clinical Evidence from Exercise and Survey Data

Journal of Financial Research, 32, 2009, 123-155
Number of pages: 40 Posted: 13 Mar 2006 Last Revised: 04 Feb 2014
Martin Weber and Zacharias Sautner
University of Mannheim - Department of Banking and Finance and University of Zurich - Department of Finance
Downloads 453 (119,994)
Citation 2

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Employee Stock Options, Exercise Behavior, Stock Selling Behavior, Correlation of Economic

34.

Institutional Investor Preferences and Executive Compensation

Research Handbook on Executive Pay, edited by J. Hill and R. Thomas, Edward Elgar Publishing Ltd, European Banking Center Discussion Paper No. 2012-002, CentER Working Paper Series No. 2012-004
Number of pages: 23 Posted: 13 Sep 2011 Last Revised: 02 Aug 2012
Joseph A. McCahery and Zacharias Sautner
Tilburg University - School of Law; European Banking Center (EBC) and University of Zurich - Department of Finance
Downloads 350 (160,752)
Citation 3

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Executive Compensation, Institutional Investors, Corporate Governance

35.

Stock Option Repricing in Europe

Number of pages: 43 Posted: 17 Jan 2008
Michael Sauer and Zacharias Sautner
affiliation not provided to SSRN and University of Zurich - Department of Finance
Downloads 239 (238,057)
Citation 4

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Executive Stock Options, Option Repricing, Comparative Corporate Governance

36.

Institutional Investors and the Fight Against Climate Change

Swiss Finance Institute Research Paper No. 24-26
Number of pages: 52 Posted: 01 Apr 2024 Last Revised: 06 May 2024
Thea Kolasa and Zacharias Sautner
University of Zurich - Department Finance and University of Zurich - Department of Finance
Downloads 175 (320,149)

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institutional investors, climate change, climate risks, ESG ratings, greenwashing

37.

Contracting between Firms: Empirical Evidence

Review of Economics and Statistics, Forthcoming
Number of pages: 50 Posted: 21 Jun 2016 Last Revised: 29 Jul 2016
Rajkamal Iyer and Zacharias Sautner
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Zurich - Department of Finance
Downloads 139 (383,818)
Citation 3

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agency problems, holdup problems, incomplete contracting, contract theory

38.

Lawyer Expertise and Contract Design Â?? Evidence from M&A Negotiations

CEPR Discussion Paper No. DP14936
Number of pages: 70 Posted: 29 Jun 2020 Last Revised: 16 Aug 2020
Christel Karsten, Ulrike Malmendier and Zacharias Sautner
Strategy&, University of California, Berkeley - Department of Economics and University of Zurich - Department of Finance
Downloads 1 (1,133,472)
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39.

The Value of NGOs in ESG

INSEAD Working Paper No. 2024/21/ACC
Number of pages: 49 Posted: 02 Apr 2024
Janja Brendel, Cai Chen, Thomas Keusch and Zacharias Sautner
The Chinese University of Hong Kong (CUHK), INSEAD, INSEAD and University of Zurich - Department of Finance
Downloads 143

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NGOs, ESG, Sustainability, E&S-Washing, GHG Emissions

40.

ESG and Downside Risks: Implications for Pension Funds

Wharton Pension Research Council Working Paper No. 2021-10, Published in Hammond, P.B., R. Maurer, and O.S. Mitchell (Eds.) (2023). Pension Funds and Sustainable Investment: Challenges and Opportunities. Oxford: Oxford University Press.
Posted: 07 Jul 2021 Last Revised: 19 May 2023
Zacharias Sautner and Laura T. Starks
University of Zurich - Department of Finance and University of Texas at Austin - Department of Finance

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Institutional investors, pension funds, ESG risks, climate risks, downside risks