Zacharias Sautner

Frankfurt School of Finance & Management

Professor of Finance

Adickesallee 32-34

Frankfurt am Main, 60322

Germany

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

SCHOLARLY PAPERS

34

DOWNLOADS
Rank 504

SSRN RANKINGS

Top 504

in Total Papers Downloads

55,624

SSRN CITATIONS
Rank 2,489

SSRN RANKINGS

Top 2,489

in Total Papers Citations

355

CROSSREF CITATIONS

170

Scholarly Papers (34)

1.

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), Frankfurt School of Finance & Management and University of Texas at Austin - Department of Finance
Downloads 6,751 (1,455)
Citation 155

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Institutional investors, corporate governance, shareholder activism

2.

ESG Shareholder Engagement and Downside Risk

AFA 2018 paper, European Corporate Governance Institute – Finance Working Paper No. 671/2020
Number of pages: 56 Posted: 25 Nov 2016 Last Revised: 11 Jan 2022
Smurfit Graduate Business School, University College Dublin, University of Reading - ICMA Centre, Frankfurt School of Finance & Management, University of Texas at Austin - Department of Finance and University of Oxford-Smith School of Enterprise and the Environment
Downloads 6,293 (1,632)
Citation 37

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

3.

The Effects of Mandatory ESG Disclosure Around the World

European Corporate Governance Institute – Finance Working Paper No. 754/2021, Swiss Finance Institute Research Paper No. 21-44
Number of pages: 75 Posted: 26 Apr 2021 Last Revised: 13 Dec 2021
University of Geneva - Geneva Finance Research Institute (GFRI), Frankfurt School of Finance & Management, The University of Hong Kong - Faculty of Business and Economics and The University of Western Australia - UWA Business School
Downloads 4,487 (2,949)
Citation 6

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Sustainability reports, ESG reporting, Nonfinancial information, ESG incidents

4.

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), Frankfurt School of Finance & Management and University of Texas at Austin - Department of Finance
Downloads 4,167 (3,325)
Citation 111

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Climate Risks, ESG, Institutional Investors

5.

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, Frankfurt School of Finance & Management and Frankfurt School of Finance & Management
Downloads 3,967 (3,618)
Citation 19

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ESG ratings, ESG investment, CSR

6.

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: 77 Posted: 19 Aug 2019 Last Revised: 12 Oct 2021
Frankfurt School of Finance & Management, University of Geneva - Geneva Finance Research Institute (GFRI), Frankfurt School of Finance & Management and University of Texas at Austin - Department of Finance
Downloads 2,874 (6,223)
Citation 16

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Climate risks, disclosure, non-financial reporting, institutional investors

7.

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 Frankfurt School of Finance & Management
Downloads 2,450 (8,016)
Citation 11

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

8.

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 Frankfurt School of Finance & Management
Downloads 1,640 (15,271)
Citation 5

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

9.

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 Frankfurt School of Finance & Management
Downloads 1,563 (16,426)
Citation 23

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

10.

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, University of Nevada, Las Vegas - College of Business and Frankfurt School of Finance & Management
Downloads 1,510 (17,338)
Citation 20

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short-termism, managerial myopia, investment, misvaluation

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, University of Nevada, Las Vegas - College of Business and Frankfurt School of Finance & Management
Downloads 1,450 (18,055)
Citation 9

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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, University of Nevada, Las Vegas - College of Business and Frankfurt School of Finance & Management

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

12.

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
Frankfurt School of Finance & Management and New York University (NYU) - Leonard N. Stern School of Business
Downloads 1,093 (27,987)
Citation 7

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Corporate governance, internal capital markets, ownership, diversification

13.

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 Frankfurt School of Finance & Management
Downloads 1,023 (30,738)
Citation 5

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Bankruptcy, debt restructuring, capital structure

14.

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, Frankfurt School of Finance & Management and UNSW Business SchoolFinancial Research Network (FIRN)
Downloads 1,021 (30,825)
Citation 3

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Mergers and acquisitions, private equity, information asymmetries

15.

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
Frankfurt School of Finance & Management and University of Mannheim - Department of Banking and Finance
Downloads 1,007 (31,455)
Citation 6

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

16.

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 Frankfurt School of Finance & Management
Downloads 1,005 (31,533)
Citation 21

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

17.

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 Frankfurt School of Finance & Management
Downloads 634 (58,771)
Citation 13

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

18.

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 Frankfurt School of Finance & Management
Downloads 533 (73,236)
Citation 5

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

19.

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
Frankfurt School of Finance & Management, University of Mannheim - Department of Banking and Finance and Ludwig Maximilian University of Munich (LMU) - Faculty of Business Administration (Munich School of Management)
Downloads 497 (79,770)
Citation 4

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

20.

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 Frankfurt School of Finance & Management
Downloads 488 (81,550)
Citation 1

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Corporate control, financial distress, restructuring

21.

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 Frankfurt School of Finance & Management
Downloads 451 (89,564)
Citation 3

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Corporate Governance, Corporate Leverage, Financing Policy

22.

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 Frankfurt School of Finance & Management
Downloads 448 (90,234)
Citation 7

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Contracting; M&A, Lawyers

23.

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 Frankfurt School of Finance & Management
Downloads 424 (96,232)
Citation 2

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

24.

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
Frankfurt School of Finance & Management and University of Amsterdam Business School
Downloads 415 (98,638)
Citation 9

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Bankruptcy Costs, Workouts, Bankruptcy Law, International Comparison

25.

ESG and Downside Risks: Implications for Pension Funds

Wharton Pension Research Council Working Paper No. 2021-10
Number of pages: 31 Posted: 07 Jul 2021
Zacharias Sautner and Laura T. Starks
Frankfurt School of Finance & Management and University of Texas at Austin - Department of Finance
Downloads 383 (108,221)

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

26.

Limited Attention to Detail in Financial Markets

University of Miami Business School Research Paper No. 2790960
Number of pages: 83 Posted: 09 Jun 2016 Last Revised: 18 Apr 2022
Henrik Cronqvist, Tomislav Ladika and Zacharias Sautner
University of Miami - Department of Finance, University of Amsterdam and Frankfurt School of Finance & Management
Downloads 320 (131,661)
Citation 2

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

27.

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 Frankfurt School of Finance & Management
Downloads 316 (133,322)
Citation 3

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Executive Compensation, Institutional Investors, Corporate Governance

28.

Stock Option Repricing in Europe

Number of pages: 43 Posted: 17 Jan 2008
Michael Sauer and Zacharias Sautner
affiliation not provided to SSRN and Frankfurt School of Finance & Management
Downloads 195 (213,987)
Citation 4

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Executive Stock Options, Option Repricing, Comparative Corporate Governance

29.

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 Frankfurt School of Finance & Management
Downloads 118 (320,435)

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agency problems, holdup problems, incomplete contracting, contract theory

30.

The EU Taxonomy and the Syndicated Loan Market

Number of pages: 48 Posted: 04 Apr 2022
Zacharias Sautner, Jing Yu, Rui Zhong and Xiaoyan Zhou
Frankfurt School of Finance & Management, The University of Sydney, The University of Western Australia - UWA Business School and University of Oxford, Smith School of Enterprise and the Environment
Downloads 115 (328,329)

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

31.

Pricing Climate Change Exposure

TRR 266 Accounting for Transparency Working Paper Series No. 49, Management Science, forthcoming
Posted: 25 Feb 2021
Frankfurt School of Finance & Management, Frankfurt School of Finance and Management, Frankfurt School of Finance & Management and Shanghai University of Finance and Economics
Downloads 1,173

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

32.

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 Frankfurt School of Finance & Management
Downloads 1 (874,044)
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33.

Carbon Tail Risk

The Review of Financial Studies, 2021, 34(3), 777-799
Posted: 19 Jul 2018
Emirhan Ilhan, Zacharias Sautner and Grigory Vilkov
Frankfurt School of Finance & Management, Frankfurt School of Finance & Management and Frankfurt School of Finance & Management
Downloads 2,749

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carbon risk, tail risk, climate finance, climate risk

34.

Firm-level Climate Change Exposure

European Corporate Governance Institute – Finance Working Paper No. 686/2020
TRR 266 Accounting for Transparency Working Paper Series No.
, Journal of Finance, forthcoming
Posted: 13 Jul 2020
Frankfurt School of Finance & Management, Frankfurt School of Finance and Management, Frankfurt School of Finance & Management and Shanghai University of Finance and Economics
Downloads 4,063

Abstract:

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Climate change, climate risk, conference calls, institutional investors