Research | Karoline Bax

Research Interest

Sustainable, ESG and Biodiversity Finance
Vine Copula Modeling and Risk Analysis
Statistics and Financial Econometrics
Large Language Models and Textual Analysis

Working Papers

Benuzzi M., Bax K., Paterlini S., Taufer E. (2024). Chasing ESG performance: How Methodologies Shape Outcomes. Available at SSRN 4662257.
Bax, K., Fulci, A., Paterlini, S. & Taufer, E. (2025). Generalized Precision Matrices for Non-Gaussian Distributions: Theory and Portfolio Applications.

Publications

Bax K., Broccardo, E., Paterlini S. (2024), ESG factor and financial returns: what is the relationship? Investigating ESG Factor Models. Current Opinion in Environmental Sustainability, 66 (Feb. 2024, 101398). DOI: 10.1016/j.cosust.2023.101398.
Bax K., Bonaccolto, G., Paterlini, S. (2024), Spillovers in Europe: the Role of ESG. Journal Financial Stability, 72(2024, 101221). DOI: 10.1016/j.jfs.2024.101221.
Benuzzi, M., Klaser, K., Bax, K. (2024), Which ESG+F dimension matters most to retail investors? An experimental study on financial decisions and future generations. Journal of Behavioral and Experimental Finance, 41(2024, 100882). DOI: 10.1016/j.jbef.2023.100882.
Bax K., Müller S., Paterlini S. (2023), Sustainability Transmission through Focal Nodes in Supply Chain Networks. Finance Research Letters, 58(Part C, December 2023, 104476). DOI: 10.1016/j.frl.2023.104476.
Bax K., Sahin Ö., Czado C., Paterlini S. (2023), ESG, Risk, and (Tail) Dependence. International Review of Financial Analysis, 53(May 2023). DOI: 10.1016/j.irfa.2023.102513.
Bax K. (2023), Do diverse and inclusive workplaces benefit investors? An Empirical Analysis on Europe and the United States. Finance Research Letters, 53(March 2023, 103509). DOI: 10.1016/j.frl.2022.103509.
Sahin Ö., Bax K., Czado C., Paterlini S. (2023), The pitfalls of (non-definitive) Environmental, Social, and Governance scoring methodology. Global Finance Journal, 56(May 2023). DOI 10.1016/j.gfj.2022.100780.
Sahin Ö., Bax K., Czado C., Paterlini S. (2022), Environmental, Social, Governance scores and the Missing pillar - Why does missing information matter? Corporate Social Responsibility and Environmental Management, 29(5), p. 1782-1798. DOI: 10.1002/csr.2326.
Bax K., Bonaccolto G., Paterlini S. (2022), Do Lower ESG Rated Companies Have Higher Systemic Impact? Empirical Evidence from Europe and the United States. Corporate Social Responsibility and Environmental Management, 30(3), p. 1406-1420. DOI: 10.1002/csr.2427.
Bax K., Paterlini S. (2022), Environmental Social Governance Information and Disclosure from a Company Perspective: a Structured Literature Review, International Journal of Business Performance Management, 23(3), p. 304–322. DOI: 10.1504/IJBPM.2022.123824.
Czado C., Bax K., Sahin Ö., Nagler T., Min A., Paterlini S. (2022), Vine copula based dependence modeling in sustainable finance. Journal of Finance and Data Science (JFDS) 8(November 2022), p. 309-330. DOI: 10.1016/j.jfds.2022.11.
Sommer E., Bax K., Czado C. (2023, in press). Vine Copula based Portfolio Level Conditional Risk Measure Forecasting. Econometrics and Statistics. DOI: 10.1016/j.ecosta.2023.08.002