Dr. Gunnar Gutsche

Research associate
Address University of Kassel
Faculty of Economics and Management
Chair of Empirical Economic Research
Nora-Platiel-Str. 5, 34109 Kassel
Room 1114
Telephone +49 561 804-7505
Telefax +49 561 804-2501
Office Hours:

Wednesday, 11:30 - 12:30 h (during the lecture period)

Picture of Dr. Gunnar  Gutsche

Research interests

Empirical economic research, sustainable and responsible investment (SRI),  behavioral finance, behavioral economics, corporate social responsibility (CSR)


Research articles in peer-reviewed journals:

Gutsche, Gunnar (2019), Individual and regional christian religion and the consideration of sustainable criteria in consumption and investment decisions: An exploratory econometric analysis, Journal of Business Ethics 157 (4), 1155-1182

Gutsche, Gunnar and Andreas Ziegler (2019), Which private investors are willing to pay for sustainable investments? Empirical evidence from stated choice experiments, Journal of Banking and Finance 102, 193-214

Gutsche, Gunnar, Anja Köbrich León, and Andreas Ziegler (2019), On the relevance of contextual factors for socially responsible investments: An econometric analysis, Oxford Economic Papers 71 (3), 756-776

Gutsche, Gunnar, Christian Klein, Andreas Ziegler, and Bernhard Zwergel (2017), Characterizing German (sustainable) investors, Corporate Finance 8 (3-4), 77-81

Research articles in revision:

Gutsche, Gunnar and Bernhard Zwergel (2019), Information barriers and SRI market participation - Can sustainability and transparency labels help?, in revision for Schmalenbach Business Review, previous version: MAGKS Discussion Paper No. 24-2016

"Work in Progress":

Gutsche, Gunnar, Moritz König, and Andreas Ziegler (2019), Does the stock market reward CSR? An international long-term event study (working title)

Gutsche, Gunnar and Andreas Ziegler (2019), Determinants of environmental product and process innovations: New evidence on the basis of European panel data (working title)

Bauckloh, Tobias, Gunnar Gutsche, Christian Klein, and Andreas Ziegler (2019), Trump's election, the withdraw from the Paris Agreement, and stock prices of energy-intensive firms - A great event study (working title)

Curriculum vitae

Since 01/2017:
Post-doctoral researcher at the Chair of Empirical Economic Research, Faculty of Economics and Management, University of Kassel

Doctorate in economics, University of Kassel
Title of dissertation: "Sustainable and responsible investments & private investors in Germany"

Research associate at the Chair of Empirical Economic Research, Faculty of Economics and Management, University of Kassel

Diploma in economics, Georg-August-Universität in Göttingen
Main focus: Statistics and econometrics, finance
Topic of diploma thesis: "Untersuchung der Studienleistungen von Bachelor-Studierenden der Wirtschaftswissenschaftlichen Fakultät der Universität Göttingen"

Student associate at the Institute for Statistics and Econometrics at Georg-August-Universität in Göttingen


Lecture in "Microeconometrics" (MA): SS 2019, University of Kassel

Lecture in "Panelökonometrie" (MA): SS 2018, University of Kassel

Seminar in "Quantitative Economics of Sustainable Development" (BA): WS 2017/2018, University of Kassel

Tutorial for the seminar "Econometric analysis of stated choice data: Applications in environmental and sustainability economics" (MA and MAGKS doctoral course): SS 2017, University of Kassel

Tutorial for the lecture "Microeconometrics" (MA): WS 2015/2016, WS 2014/2015, WS 2013/2014, WS 2012/2013, University of Kassel

Tutorial for the lecture "Panelökonometrie" (MA): SS 2015, SS 2014, University of Kassel

Tutorial for the lecture "Statistik I" (BA): WS 2011/2012, University of Kassel

Tutorial for the lecture "Statistik II" (BA): WS 2015/2016, SS 2015, SS 2014, SS 2013, SS 2012, University of Kassel

Tutorial for repeaters for the lecture "Statistik II" (BA): SS 2017, SS 2012, University of Kassel

Numerous courses in mathematics for economists, statistics and econometrics (for B.Sc, M.Sc, and Diploma): 2006-2011,  Georg-August-Universität Göttingen

Conference talks

Annual Conference European Association of Environmental and Resource Economists (2015, 2017, 2019), Annual Meeting of the German Finance Association (2015), Gronen Research Conference (2014), Jahrestagung Verein für Socialpolitik (2015, 2019), MAGKS doctoral workshop (2012), Nachwuchsworkshop Ausschuss für Umwelt- und Ressourcenökonomie des Vereins für Socialpolitik (2013, 2014, 2015, 2017), Social and Sustainable Finance and Impact Investing Conference (2015), World Congress Environmental and Resource Economists (2014, 2018)

Referee activities

Peer-reviewed journals:

Applied Economics Letters, Business Ethics: A European Review, Business & Society, Business Strategy and the Environment, Climate Policy, Corporate Social Responsibility & Environmental Management, Economic Modelling, Energy Policy, Industry and Innovation, Journal of Business Ethics, Journal of Sustainable Finance & Investment