Prof. Dr. Christian Klein


Prof. Dr. Christian Klein

Chair of Sustainable Finance
Henschelstr. 4
34127 Kassel
34109 Kassel (Postal address)
Building: K33
Room: 1114
Telephone: +49 561 804-7565
E-Mail: klein[at]uni-kassel[dot]de
Office Hours: During the lecture period: Wednesday.10:30 – 12:00; Outside the lecture period: Only with an appointment

  • 03/2013-Present Universität Kassel
    Professor of Sustainable Finance at the Universität Kassel
  • 2012 Habilitation at the Universität Hohenheim
    Authorization to teach Business Administration
  • 2006– 03/2013 Universität Hohenheim    
    Academic Council and Habilitation at the Department of Accounting and Finance
  • SS 2011 Universität Konstanz     
    Vice-Chair of Corporate Finance
  • 2005 Doctorate at the Universität Augsburg
    Topic "Irrational Behavior on Capital Markets" (Note: Summa cum laude)
  • 2001 – 2006 Universität Augsburg
    Research Assistant at the Department of Statistics, Faculty of Business and Economics
  • 1999 – 2000 Siemens Munich   
    Siemens Munich, ICN, Marketing Division: Marketing Consultant
  • 1999 Universität Augsburg und European Business Management School, Swansea,UK   
    Diplom-Kaufmann (Study of Business Administration)
  • Erich Gutenberg Prize for Young Scientists 2009
  • Hohenheim Teaching Award 2008
  • Lecturer of the Year 2006 – Elected by the Student Union WiWi of the University of Augsburg
  • Nomination for the "Prize for Good Teaching 2003" by the Bavarian State Ministry of Science, Research and the Arts by the Faculty of Economic Sciences of the University of Augsburg.
  • American Finance Association
  • European Finance Association
  • Verband Hochschullehrer für BWL (VHB)     
  • Deutsche Gesellschaft für Finanzwirtschaft
  • Erich-Gutenberg-Arbeitsgemeinschaft
  • Gesellschaft für Operations Research
  • Scientific Advisory Board VfU. Verein für Umweltmanagement und Nachhaltigkeit in Finanzinstituten
  • The Sustainable Finance Research Platform


Cauthorn, T., Drempetic, S., Hoepner, A.G.F., Klein, C., Morse, A., 2024. Climate Postures. SSRN Electronic Journal TBD.
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.
Cauthorn, T., Klein, C., Remme, L., Zwergel, B., 2023. Portfolio Benefits of Taxonomy Orientated and Renewable European Electric Utilities. Journal of Asset Management TBD.
Dobrick, J., Klein, C., Zwergel, B., 2023. ESG as Risk Factor. SSRN Preprint.
Dobrick, J., Klein, C., Zwergel, B., 2023. Size bias in refinitiv ESG data. Finance Research Letters 55, TBD.
Höck, A., Bauckloh, T., Dumrose, M., Klein, C., 2023. ESG criteria and the credit risk of corporate bond portfolios. Journal of Asset Management TBD.
Bauckloh, T., Klein, C., Pioch, T., Schiemann, F., 2022. Under Pressure? The Link Between Mandatory Climate Reporting and Firms’ Carbon Performance. Organization & Environment 2022, 1–24.
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.
Edenhofer, O., Klein, C., Lessmann, K., Wilkens, M., 2022. Financing the transformation: a proposal for a credit scheme to finance the Paris Agreement. Climate Policy tbd.
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.
Busch, T., Bruce-Clark, P., Derwall, J., Eccles, R., Hebb, T., Hoepner, A., Klein, C., Krueger, P., Paetzold, F., Scholtens, B., Weber, O., 2021. Impact investments: a call for (re)orientation. SN Business & Economics 1, 33.
Eckert, J., Huber, S., Klein, C., 2021. Regulatory framework for sustainable investment products – Current developments and associated challenges. Corporate Finance 12., 274 – 279.
Klein, C., Eckert, J., Dumrose, M., 2021. Nachhaltige Finanzwirtschaft: Definition und aktuelle Entwicklungen, in: Heithecker, D. (Hrsg.), Handbuch Nachhaltige Finanzwirtschaft. FCH-Gruppe, Heidelberg, S. 15–29.
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.
Höck, A., Klein, C., Landau, A., Zwergel, B., 2020. The effect of environmental sustainability on credit risk. Journal of Asset Management 21, 85–93.
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.
Troost, C., Duan, X., Gayler, S., Heinlein, F., Klein, C., Aurbacher, J., Demyan, M.S., Högy, P., Laub, M., Ingwersen, J., Kremer, P., Mendoza, F.A., Otto, L., Poyda, A., Warrach-Sagi, K., Weber, T.K.D., Priesack, E., Streck, T., Berger, T., 2020. The Bioeconomic Modelling System MPMAS_XN: Simulating Short and Long-term Feedback Between Crop growth, Crop Management and Farm Development under Climate Change, 10th International Congress on Environmental Modelling and Software - Brussels, Belgium - June 2020.
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.
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.
Zwergel, B., Wins, A., Klein, C., 2019. On the heterogeneity of sustainable and responsible investors. JOURNAL OF SUSTAINABLE FINANCE & INVESTMENT 9, 282–294.
Bauckloh, T., Klein, C., Schneeweiß, A., 2018. Green Bonds: Emittenten und Additionalität auf dem Prüfstand, in: Stapelfeldt, M., Granzow, M., Kopp, M. (Hrsg.), Greening Finance. Logos, Berlin, S. 187–201.
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.
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.
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.
Klein, C., Stellner, C., 2014. Does sovereign risk matter? New evidence from eurozone corporate bond ratings and zero-volatility spreads. Review of Financial Economics 23, 64–74.
Klein, C., Stellner, C., 2014. The systematic risk of corporate bonds: default risk, term risk, and index choice. Financial Markets and Portfolio Management 28, 29–61.
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.
Von Wallis, M., Klein, C., 2014. Ethical requirement and financial interest: a literature review on socially responsible investing. Business Research 1–38.
Heiden, S., Klein, C., Zwergel, B., 2013. Beyond Fundamentals: Investor Sentiment and Exchange Rate Forecasting. European Financial Management 19, 558–578.
Scheibel, M., Klein, C., 2013. What Influences the Discount Applied to the Valuation for Controlling Interests in Private Companies? (An Analysis Based on the Acquisition Approach for Comparable Transactions of European Private and Public Target Companies). Journal of Business Valuation and Economic Loss Analysis 8, 27–51.
Klein, C., 2012. Das Ende des Vertrauens? LIBOR-Referenzzinssatz. Wirtschaftsdienst, Zeitschrift für Wirtschaftspolitik 92, 504–505.
Klein, C., Scheibel, M., 2012. The Private Company Discount from a European Perspective: An Analysis Based on the Acquisition Approach for Comparable Transactions of European Target Companies. The Journal of Private Equity 16, 74–82.
Michelsen, M., Klein, C., 2011. “Privacy please!” The public to private decision in Germany. Review of Managerial Science 5, 49–85.
Beyer, B., Klein, C., Lampenius, N., 2010. Diskontierung nach BilMoG. Controlling and Management 54, 54–58.
Dorfleitner, G., Klein, C., 2009. Psychological barriers in European stock markets: Where are they? Global Finance Journal 19, 268–285.
Klein, C., 2009. Akquisitionen und der Winner’s Curse: Warum der Sieger oft der Verlierer ist. Controlling and Management 53, 88–92.
Klein, C., Zwergel, B., Fock, H., 2009. Reconsidering the impact of national soccer results on the FTSE 100. Applied Economics 41, 3287–3294.
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.
Kundisch, D., Klein, C., 2009. Zur Preissetzung verschiedener Emittenten bei Indexzertifikaten auf den DAX. Zeitschrift fur Bankrecht und Bankwirtschaft-ZBB 21, 212.
Dühnfort, A.M., Klein, C., Lampenius, N., 2008. Theoretical foundations of corporate governance revisited: A critical review. Corporate Ownership and Control 6, 424–433.
Klein, C., Kundisch, D., 2008. Indexzertifikat oder ETF? Eine entscheidungstheoretische Analyse. Zeitschrift für Planung & Unternehmenssteuerung 19, 353–370.
Kundisch, D., Klein, C., 2008. Der Tracking Error von indexnachbildenden Instrumenten auf den DAX-eine empirische Analyse des ETFs DAX EX sowie zehn Indexzertifikaten. Der Betrieb : Betriebswirtschaft, Steuerrecht, Wirtschaftsrecht, Arbeitsrecht 2009, 1141–1145.
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.
Fock, H., Klein, C., Zwergel, B., 2005. Performance of candlestick analysis on intraday futures data. Journal of Derivatives 13, 28–40.
Klein, C., 2005. Wochenend’ und Sonnenschein-Der Wettereffekt in deutschen Aktienindizes. Zeitschrift für Betriebswirtschaft 75, 1035.
Klein, C., Dorfleitner, G., 2004. Renditen und Volatilität bei Ein-/Ausstiegsstrategien. Wirtschaftswissenschaftliches Studium 33, 582–589.
Bamberg, G., Klein, C., 2003. Anreizkompatible Mechanismen zur Allokation von Schadstoff-Emissions-Rechten, in: Wagner, S., Kupp, M., Matzel, M. (Hrsg.), Quantitative Modelle und nachhaltige Ansätze der Unternehmungsführung. Physica-Verlag, Heidelberg, S. 55–64.
Dorfleitner, G., Klein, C., 2003. Technical Analysis as a method of risk management.
Dorfleitner, G., Klein, C., 2002. Kursprognose mit Hilfe der technischen Analyse—eine empirische Untersuchung. Financial Markets and Portfolio Management 16, 497–521.