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

  • University of Zurich - Department of Finance

  • Swiss Finance Institute

  • European Corporate Governance Institute (ECGI)

SCHOLARLY PAPERS

40

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Top 182

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116,389

TOTAL CITATIONS
Rank 557

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Top 557

in Total Papers Citations

2,001

Scholarly Papers (40)

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1.

The Effects of Mandatory ESG Disclosure Around the World

Downloads 18,652 ( 400)
Citation 112

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, HKU Jockey Club Enterprise Sustainability Global Research Institute - Archive
Number of pages: 75 Posted: 26 Apr 2021 Last Revised: 25 Oct 2024
Philipp Krueger, Zacharias Sautner, Dragon Yongjun Tang and Rui Zhong
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 18,652 (392)
Citation 112

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Sustainability reports, ESG reporting, Nonfinancial information, ESG incidents

The Effects of Mandatory ESG Disclosure Around the World

Journal of Accounting Research, Volume 62, Issue 5. Pp. 1795-1847, https://doi.org/10.1111/1475-679X.12548
Posted: 18 Dec 2024
Philipp Krueger, Zacharias Sautner, Dragon Yongjun Tang and Rui Zhong
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

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sustainability reporting, ESG reporting, nonfinancial information, stock liquidity

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
Andreas G. F. Hoepner, Ioannis Oikonomou, Zacharias Sautner, Laura T. Starks and Xiaoyan Zhou
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
Downloads 11,751 (912)
Citation 37

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

3.

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 10,909 (1,054)
Citation 98

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ESG ratings, ESG investment, CSR

4.

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
Zacharias Sautner, Laurence van Lent, Grigory Vilkov and Ruishen Zhang
University of Zurich - Department of Finance, Frankfurt School of Finance and Management, Frankfurt School of Finance & Management and The University of Hong Kong
Downloads 10,682 (1,085)
Citation 238

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Climate change, climate risk, conference calls, institutional investors

5.

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 8,071 (1,713)
Citation 814

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Climate Risks, ESG, Institutional Investors

6.

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 7,520 (1,918)
Citation 155

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Institutional investors, corporate governance, shareholder activism

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
Emirhan Ilhan, Philipp Krueger, Zacharias Sautner and Laura T. Starks
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 5,956 (2,875)
Citation 221

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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 5,052 (3,848)
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: 110 Posted: 23 Mar 2023 Last Revised: 07 Aug 2024
Alexandre Garel, Arthur Romec, Zacharias Sautner and Alexander F. Wagner
Audencia Business School, Toulouse Business School, University of Zurich - Department of Finance and University of Zurich - Department of Finance
Downloads 4,084 (5,479)
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: 56 Posted: 25 Feb 2021 Last Revised: 24 Oct 2024
Zacharias Sautner, Laurence van Lent, Grigory Vilkov and Ruishen Zhang
University of Zurich - Department of Finance, Frankfurt School of Finance and Management, Frankfurt School of Finance & Management and The University of Hong Kong
Downloads 3,695 (6,497)

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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 3,379 (7,503)
Citation 36

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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 2,546 (11,703)
Citation 11

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

13.

Corporate Climate Lobbying

Swiss Finance Institute Research Paper No. 24-14, European Corporate Governance Institute – Finance Working Paper No. 960/2024
Number of pages: 92 Posted: 01 Feb 2024 Last Revised: 04 Jan 2025
Markus Leippold, Zacharias Sautner and Tingyu Yu
University of Zurich, University of Zurich - Department of Finance and University of Zurich - Department Finance
Downloads 1,916 (18,520)
Citation 1

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Corporate Lobbying, Carbon Emissions, Risks

14.

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 1,841 (19,704)
Citation 55

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short-termism, managerial myopia, investment, misvaluation

15.

Climate Transition Risks of Banks

Swiss Finance Institute Research Paper No. 23-66
Number of pages: 78 Posted: 28 Aug 2023 Last Revised: 15 Dec 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 Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE)
Downloads 1,679 (22,683)
Citation 1

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Climate Transition Risks, Banks, Syndicated Loans, Disclosure, Lobbying

16.

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 1,669 (22,895)
Citation 23

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

17.

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

Downloads 1,581 (24,848)
Citation 18

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 1,581 (24,409)
Citation 18

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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

18.

The EU Taxonomy and the Syndicated Loan Market

Number of pages: 44 Posted: 04 Apr 2022 Last Revised: 20 Jan 2025
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 1,300 (33,228)
Citation 11

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

19.

Climate Value and Values Discovery 

TRR 266 Accounting for Transparency Working Paper Series No. 136, Swiss Finance Institute Research Paper No. 23-92, HKU Jockey Club Enterprise Sustainability Global Research Institute - Archive
Number of pages: 64 Posted: 10 Oct 2023 Last Revised: 25 Oct 2024
Zacharias Sautner, Laurence van Lent, Grigory Vilkov and Ruishen Zhang
University of Zurich - Department of Finance, Frankfurt School of Finance and Management, Frankfurt School of Finance & Management and The University of Hong Kong
Downloads 1,244 (35,483)
Citation 3

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

20.

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 1,176 (38,419)
Citation 42

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

21.

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 1,153 (39,555)
Citation 7

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Corporate governance, internal capital markets, ownership, diversification

22.

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
Mark Humphery-Jenner, Mark Humphery-Jenner, Zacharias Sautner, Jo-Ann Suchard and Jo-Ann Suchard
University of New South Wales (UNSW)UNSW Business School, University of Zurich - Department of Finance and UNSW Business SchoolFinancial Research Network (FIRN)
Downloads 1,152 (39,613)
Citation 22

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Mergers and acquisitions, private equity, information asymmetries

23.

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 1,099 (42,496)
Citation 5

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Bankruptcy, debt restructuring, capital structure

24.

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 1,073 (43,952)
Citation 6

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

25.

The Value of NGOs in ESG

INSEAD Working Paper No. 2024/57/ACC, Swiss Finance Institute Research Paper No. 24-35
Number of pages: 50 Posted: 02 Apr 2024 Last Revised: 25 Oct 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 727 (74,840)

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

26.

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 682 (80,928)
Citation 22

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

27.

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 648 (86,406)
Citation 5

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

28.

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 624 (90,751)
Citation 2

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Contracting; M&A, Lawyers

29.

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 573 (101,138)
Citation 5

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Corporate control, financial distress, restructuring

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 569 (102,065)
Citation 2

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

31.

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 of Finance and University of Zurich - Department of Finance
Downloads 565 (102,949)

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

32.

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 560 (104,058)
Citation 4

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

33.

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 502 (119,071)
Citation 6

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Corporate Governance, Corporate Leverage, Financing Policy

34.

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 493 (121,630)
Citation 9

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Bankruptcy Costs, Workouts, Bankruptcy Law, International Comparison

35.

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 470 (128,851)
Citation 2

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

36.

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 368 (170,894)
Citation 3

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Executive Compensation, Institutional Investors, Corporate Governance

37.

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 275 (233,055)
Citation 4

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Executive Stock Options, Option Repricing, Comparative Corporate Governance

38.

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 151 (407,263)
Citation 3

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agency problems, holdup problems, incomplete contracting, contract theory

39.

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 2 (1,294,946)
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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