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Karoline Bax, Ph.D.


Technical University of Munich


I am a passionate and driven researcher working in the field sustainable and climate finance.  


I am currently a postdoctoral researcher and lecturer at the Technical University of Munich, Germany. Recently, I have received my Ph.D. from the University of Trento, Italy. Prior I received a B.Sc. in General Management and M.Sc. in Finance from the EBS Universität für Wirtschaft und Recht, Germany.

I have engaged in numerous projects that explore various aspects of assets with specific ESG scores. My work focuses on creating new and more accurate risk indicators related to the (tail) dependencies between different assets as well as better understanding the contribution to systemic risk and possible spillovers. The ultimate goal of this research is to ascertain whether assets with comparable ESG scores possess shared risk characteristics, which can then be reliably applied in asset pricing, risk management, and portfolio analysis.


I recently presented at the CFE-CMStatistics Conference 2023. I am going to be next at the 33rd European Financial Management Association (EFMA) 2024 and 3rd Conference on International Finance; Sustainable and Climate Finance and Growth (CINSC).

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