Dr. habil. Bernhard Zwergel

Senior Researcher

Dr. habil. Bernhard Zwergel
Henschelstr. 4
34127 Kassel
Building: K33
Room: 1104
Phone: +49 561 804-7566
E-Mail: b.zwergel[at]uni-kassel[dot]de
Office Hours: Only with an appointment



Scientific Career

  • July 2021
    Habilitation with the topic, “Investment Stragtegies, Socially Responsible Investments and Investors” and lecture titled “Raus aus dem Hamsterrad - Wie man mit Mitte 30 in Rente gehen kann.”
  • April 2013-Present
    Senior Researcher, Chair of Sustainable Finance, Faculty of Economics and Management, University of Kassel
  • April 2006 - March 2013
    Research Assistant, Statistics Department (Chair: Prof. Dr. Dr. h.c. Bamberg / Prof. Dr. Okhrin), Business Administration Faculty, Universität Augsburg
  • August 2009
    Doctorate: Dr. rer. pol. at the University of Augsburg's Business Administration Faculty (Topic: On the Forecastability of Financial Markets, Doctoral supervisor: Prof. Dr. Dr. h.c. Günter Bamberg)


  • July 2004 - March 2006
    Freelance work designing trading systems for stocks and futures, software engineering and software testing, and derivative trading
  • October 1999 - June 2004
    Studied business administration at the University of Augsburg with a focus on finance and banking, financial engineering, team development and interaction management
  • September 1997 - June 1999
    Banking apprenticeship at the BVB Volksbank eG, Bad Vilbel, Germany
  • Sustainable and Responsible Investing (SRI)
  • Investor Behavior
  • Personal Finance
  • Regional, circular, climate-friendly, low-carbon buildings (i.e. straw bale insulated buildings)

Current Research Projects

  • Sustainable Finance Research Platform (WPSF)

Completed Research Projects

  • Invesment Funds for low-carbon Infrastructure (IF)
  • Climate Reporting as an Instrument for CO2 Reduction (CRed)


Eckert, J., Huber, S., Klein, C., Zwergel, B., 2024. New Evidence on the Investor Group Heterogeneity in the Field of Sustainable Investing. SSRN Electronic Journal 2024, tbd.
Eckert, J., Klein, C., Knob, L., Zwergel, B., 2024. A road to misery? New evidence on career entrants’ financial behavior and financial well-being. SSRN Electronic Journal 2024, tbd.
Cauthorn, T., Dumrose, M., Eckert, J., Klein, C., Zwergel, B., 2023. Rating changes revisited: New evidence on short-term ESG momentum. Finance Research Letters 2023, 103703. https://doi.org/10.1016/j.frl.2023.103703
Cauthorn, T., Klein, C., Remme, L., Zwergel, B., 2023. Portfolio Benefits of Taxonomy Orientated and Renewable European Electric Utilities. Journal of Asset Management TBD. https://doi.org/https://doi.org/10.1057/s41260-023-00325-0
Dobrick, J., Klein, C., Zwergel, B., 2023. ESG as Risk Factor. SSRN Preprint. https://doi.org/10.2139/ssrn.4460385
Dobrick, J., Klein, C., Zwergel, B., 2023. Size bias in refinitiv ESG data. Finance Research Letters 55, TBD. https://doi.org/10.1016/j.frl.2023.104014
Eckert, J., Huber, S., Klein, C., Zwergel, B., 2022. New evidence on German retail investors: The desire to make an impact. Corporate Finance 168–174.
Klein, C., Zwergel, B., Eckert, J., Dumrose, M., 2022. Regulatorische und systembedingte Barrieren im Bereich Nachhaltige Geldanlagen in derAnlageberatung im Retail Banking - Eine qualitative Analyse aus der Perspektive des Anlageberaters. https://doi.org/10.17170/kobra-202208036572
Bauckloh, T., Zwergel, B., Hardeck, I., Inger, K., Wittenstein, P., 2021. Spillover Effects of Tax Avoidance on Peers’ Firm Value. The Accounting Review 2021, 1–50. https://doi.org/10.2308/TAR-2018-0441
Drempetic, S., Klein, C., Zwergel, B., 2020. The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review. Journal of Business Ethics 167, 333–360. https://doi.org/10.1007/s10551-019-04164-1
Gutsche, G., Zwergel, B., 2020. Investment Barriers and Labeling Schemes for Socially Responsible Investments. Schmalenbachs Business Review (zfbf) 72, 111–157. https://doi.org/https://doi.org/10.1007/s41464-020-00085-z
Höck, A., Klein, C., Landau, A., Zwergel, B., 2020. The effect of environmental sustainability on credit risk. Journal of Asset Management 21, 85–93. https://doi.org/10.1057/s41260-020-00155-4
Klein, C., Zwergel, B., Landau, A., Rochell, J., 2020. Integrated reporting of environmental, social, and governance and financial data: Does the market value integrated reports? Business Strategy and the Environment 29, 1750–1763. https://doi.org/10.1002/bse.2467
Rochell, J., Cauthorn, T., Höck, A., Zwergel, B., 2020. Drivers of Socially Responsible Investments Across Europe. Credit and Capital Markets 53, 493–512. https://doi.org/10.3790/ccm.53.4.493
Bauckloh, T., Klein, C., Zwergel, B., Heiden, S., 2019. New evidence on the impact of the English national soccer team on the FTSE 100. Finance Research Letters March 2019, 61–67. https://doi.org/10.1016/j.frl.2018.04.001
Younas, Z.I., Klein, C., Zwergel, B., Trabert, T., 2019. Board composition and corporate risk-taking: a review of listed firms from Germany and the USA. JOURNAL OF APPLIED ACCOUNTING RESEARCH 20, 526–542. https://doi.org/10.1108/JAAR-01-2018-0014
Zwergel, B., Wins, A., Klein, C., 2019. On the heterogeneity of sustainable and responsible investors. JOURNAL OF SUSTAINABLE FINANCE & INVESTMENT 9, 282–294. https://doi.org/10.1080/20430795.2019.1613820
Heinemann, K., Zwergel, B., Gold, S., Seuring, S., Klein, C., 2018. Exploring the Supply-Demand-Discrepancy of Sustainable Financial Products in Germany from a Financial Advisor’s Point of View. Sustainability 10, 944. https://doi.org/10.3390/su10040944
Bauckloh, T., Klein, C., Zwergel, B., 2017. Sustainable and conventional mutual funds: Do they really differ? Corporate Finance 2017, 86–89.
Gutsche, G., Ziegler, A., Zwergel, B., Klein, C., 2017. Characterizing German (Sustainable) Investors. Corporate Finance 2017, 77–81.
Younas, Z.I., Klein, C., Zwergel, B., 2017. The Effects of Ownership Concentration on Sustainability: A Case of Listed Firms from USA, UK and Germany. Corporate Ownership and Control 14, 113–121.
Wins, A., Zwergel, B., 2016. Comparing those who do, might and will not invest in sustainable funds - A survey among German retail fund investors. Business Research 9, 51–99. https://doi.org/10.1007/s40685-016-0031-x
Stellner, C., Zwergel, B., Klein, C., 2015. Corporate social responsibility and Eurozone corporate bonds: The moderating role of country sustainability. Journal of Banking & Finance 59, 538–549. https://doi.org/10.1016/j.jbankfin.2015.04.032
Wins, A., Zwergel, B., 2015. Private ethical fund investors across countries and time: A survey-based review. Qualitative Research in Financial Markets 7, 379–411. https://doi.org/10.1108/QRFM-10-2014-0030
Klein, C., Wins, A., Zwergel, B., 2014. Wer interessiert sich (nicht) für nachhaltige Anlageprodukte? Eine Kundenklassifizierung, in: Faust M, S.S. (Hrsg.), Nachhaltige Geldanlagen -- Produkte, Strategien und Beratungskonzepte. Frankfurt School Verlag, Frankfurt, S. 627–642.
Zwergel, B., Heiden, S., 2014. Intraday futures patterns and volume--volatility relationships: the German evidence. Review of Managerial Science 8, 29–61. https://doi.org/10.1007/s11846-012-0094-9
Heiden, S., Klein, C., Zwergel, B., 2013. Beyond Fundamentals: Investor Sentiment and Exchange Rate Forecasting. European Financial Management 19, 558–578. https://doi.org/10.1111/j.1468-036X.2011.00593.x
Zwergel, B., 2010. Mögliche Verzerrungen und Fehler in der empirischen Kapitalmarktforschung : eine übersicht mit einem Schwerpunkt auf mögliche Fallstricke im Datenmaterial. Wirtschaftswissenschaftliches Studium 39, 390–395.
Zwergel, B., 2010. On the exploitability of the turn-of-the-month effect--an international perspective. Applied Financial Economics 20, 911–922. https://doi.org/10.1080/09603101003724307
Klein, C., Zwergel, B., Fock, H., 2009. Reconsidering the impact of national soccer results on the FTSE 100. Applied Economics 41, 3287–3294. https://doi.org/10.1080/00036840802112471
Klein, C., Zwergel, B., Heiden, S., 2009. On the existence of sports sentiment: the relation between football match results and stock index returns in Europe. Review of Managerial Science 3, 191–208. https://doi.org/10.1007/s11846-009-0031-8
Etschberger, S., Fock, H., Klein, C., Zwergel, B., 2006. The classification of candlestick charts: laying the foundation for further empirical Research, in: Spiliopoulou M, K.R. (Hrsg.), From Data and Information Analysis to Knowledge Engineering. Springer Berlin Heidelberg, Berlin, S. 526–533. https://doi.org/10.1007/3-540-31314-1_64
Fock, H., Klein, C., Zwergel, B., 2005. Performance of candlestick analysis on intraday futures data. Journal of Derivatives 13, 28–40. https://doi.org/10.3905/jod.2005.580514