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Professor Dr. Tobias Berg

Professor Dr. Tobias Berg
Aktuelle Position

seit 2/16

Forschungsprofessor

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 2023

Professor für Banking

Goethe Universität Frankfurt

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Forschungsschwerpunkte
  • Kreditvergabe
  • Bankenregulierung
  • realwirtschaftliche Auswirkungen von Finanzintermediären

Tobias Berg ist seit Februar 2016 Forschungsprofessor am IWH. Seine Forschung konzentriert sich auf Finanzintermediation mit einem aktuellen Schwerpunkt auf Finanztechnologie und Klimawandel.

Tobias Berg ist Professor für Banking am House of Finance der Frankfurter Goethe Universität.

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Professor Dr. Tobias Berg
Professor Dr. Tobias Berg
- Abteilung Finanzmärkte
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Publikationen

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Out of Sight, out of Mind: Divestments and the Global Reallocation of Pollutive Assets

Tobias Berg Lin Ma Daniel Streitz

in: Journal of Financial Economics, Vol. 182 (August), 2026

Abstract

We document a global reallocation of pollutive assets as a response to investor pressure: large firms facing increased investor pressure divest foreign-located pollutive assets to firms that are less in the limelight. There is no evidence of increased engagement in any other emission reduction activities. We estimate that 369 million metric tons (mt) of CO2e are reallocated via divestments in the post-Paris Agreement period. Our results indicate that investor pressure to decarbonize reshapes the global conglomerate structure of large firms.

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Credit Supply Shocks: Financing Real Growth or Takeovers?

Tobias Berg Daniel Streitz Michael Wedow

in: Review of Corporate Finance Studies, Vol. 13 (2), 2024

Abstract

How do firms invest when financial constraints are relaxed? We document that firms affected by a large positive credit supply shock predominantly increase borrowing for transaction-based purposes. These treated firms have larger asset and employment growth rates; however, growth entirely stems from the increased takeover activity. Announcement returns indicate a low quality of the credit-supply-induced takeover activity. These results offer the possibility that credit-driven growth can simply reflect redistribution, rather than net gains in assets or employment.

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Spillover Effects in Empirical Corporate Finance

Tobias Berg Markus Reisinger Daniel Streitz

in: Journal of Financial Economics, Vol. 142 (3), 2021

Abstract

Despite their importance, the discussion of spillover effects in empirical research often misses the rigor dedicated to endogeneity concerns. We analyze a broad set of workhorse models of firm interactions and show that spillovers naturally arise in many corporate finance settings. This has important implications for the estimation of treatment effects: i) even with random treatment, spillovers lead to a complicated bias, ii) fixed effects can exacerbate the spillover-induced bias. We propose simple diagnostic tools for empirical researchers and illustrate our guidance in an application.

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Arbeitspapiere

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Too Poor to Be Green? The Effects of Wealth on the Residential Heating Transformation

Tobias Berg Ulf Nielsson Daniel Streitz

in: SSRN Working Paper, 2024

Abstract

Using the near-universe of Danish owner-occupied residential houses, we show that an exogenous increase in wealth significantly increases the likelihood to switch to green heating. We estimate an elasticity of one at the median of the wealth distribution, i.e., a 10% increase in wealth increase raises green heating adoption by 10%. Effects are heterogeneous along the wealth distribution: all else equal, a redistribution of wealth from rich households to poor households can significantly increase green heating adoption. We further explore potential channels of our findings (pro-social preferences, financial constraints, and luxury goods interpretation). Our results emphasize the role of economic growth for the green transition.

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