Stefanie Kleimeier


Welcome to my homepage. Here you can learn about my research and teaching, find links to my latest working papers, research projects, conferences and much more. On October 1, 2015 I was appointed Professor of Entrepreneurial Finance and Banking at the Open University in the Netherlands (click here for press announcement). I am currently also Associate Professor of Finance at the Maastricht University in the Netherlands and Associate Professor Extraordinary at the University of Stellenbosch Business School in South Africa. I earned my doctorate at the University of Georgia (USA) in 1993.

My research focusses on retail banking, syndicated loans, project finance, banking geography, financial market linkages and integration and has been published in academic journals including the Journal of Financial Intermediation, Oxford Bulletin of Economics and Statistics, Journal of Financial Stability, Applied Economics, Journal of Banking and Finance, Financial Management and the Journal of International Money and Finance.

I received grants from the German Academic Exchange Service, Dutch Science Foundation and the European Credit Research Institute, consulted with the EU and the Center for European Policy Studies and taught graduate courses in 11 countries in Africa, Asia, Europe and North America. I am a member of the editorial advisory board of the Journal of Financial Economic Policy and of the editorial board of the International Review of Financial Analysis, Finance Research Letters and Journal of Financial Research.        


New Working Paper: Carbon Disclosure, Emission Levels, and the Cost of Debt

In this paper, Michael Viehs (University of Oxford) and I present our latest research on the effect of carbon emission disclosure on corporations' costs of debt.

Using a unique and comprehensive database on carbon emissions from CDP (formerly 'The Carbon Disclosure Project'), we  study whether companies which voluntarily participate in the CDP disclusure framework enjoy more favorable lending conditions - in the form of lower spreads on their bank loans - than their non-participating counterparts. Our empirical results reveal a significant and negative relation between disclosing carbon emission levels and the cost of bank loans. Regarding absolute emission levels, We find that firms disclosing relatively more carbon emissions pay higher spreads on their bank loans. These effects are common to all loans and not limited to loans which have been arranged by norms-constrained lenders suggesting that spread premia are driven by environmental risks rather than investor preferences.

Link to Paper Link to Summary in Handelsblatt’s Business Briefing Download Summary in 'The RI Quarterly'

Recent Publication              

Sander, H., S. Kleimeier, and S. Heuchemer, 2016, The Resurgence of Cultural Borders during the Financial Crisis: The Changing Geography of Eurozone Cross-Border Depositing, Journal of Financial Stability 24, 12-26.

This study investigates the impact of cultural borders on the geography of international finance during stable and crises times. We employ a unique data set that focuses on Eurozone cross-border depositing during the 1999-2011 period in a gravity-model framework. We find that cultural distance limits international financial integration over and above what can be expected from economic trade and transaction costs. While we provide evidence that cultural borders lost influence during a “Europhoria” phase after the introduction of Euro notes in 2002, our findings indicate that cultural borders resurge during the 2007/08 financial crisis and severely limit financial integration.

Link to Paper
Conference & 2014 Special Issue of Journal of Banking and Finance

On May 29 to 31, 2013 an exiting conference took place in Cape Town on Financial Globalisation and Sustainable Finance. In its November 2014 issue, the Journal of Banking and Finance dedicates a special section to this conference. The papers in this section have been selected from those presented at the conference and focus on three interconnected themes: sustainable banking, crisis policies and financial globalisation.