Sascha Steffen
Professor of Finance • Professor
Professor of Finance
Sascha Steffen is Professor of Finance at Frankfurt School of Finance & Management and DWS Senior Chair in Finance.
His research is in the area of banking, corporate finance and financial intermediation. Recent work analyzes the causes and consequences of the European banking crisis and its implications for firms’ financing and investment opportunities. His research has been published in leading finance journals such as the Journal of Finance, Journal of Financial Economics and Review of Financial Studies and has received several Best Paper Awards. His research has been supported by the FDIC and the Deutsche Forschungsgemeinschaft (DFG). Sascha was awarded the Lamfalussy Fellowship from the European Central Bank in 2010. He currently is an associate editor at the Journal of Banking and Finance.
He is a regular speaker at international conferences and corporate events as well as meetings organized by central banks, governments, and international organizations, including the Deutsche Bundesbank, European Central Bank, the European Parliament, the Federal Reserve Bank of Chicago, the International Monetary Fund (IMF) and The Federal Deposit Insurance Corporation (FDIC) in Washington DC.
Sascha has developed and delivered MBA classes and executive education programmes around corporate finance, banking and bank regulation for major global banks and institutions. He also acts as an advisor/consultant to commercial and central banks as well as to asset management firms on finance, investment and banking issues. Sascha has also developed PhD level courses in Empirical Banking and Financial Intermediation.
He is research professor at the Institute of Economic Research in Halle and Member of the Schmalenbach-Arbeitskreis „Strategieentwicklung und Controlling in Banken”. Sascha is a member of the academic advisory committee of “My Finance Coach”, a non-profit initiative, which aims to improve and increase the financial literacy of children. He is also a member of the academic advisory committee of various startups (“FinTechs”) in Berlin and Frankfurt.
Prior to joining academia, he worked in credit risk management related areas at Deutsche Bank in Frankfurt and New York, working with Hedge Funds and structured credit products.
His research is in the area of banking, corporate finance and financial intermediation. Recent work analyzes the causes and consequences of the European banking crisis and its implications for firms’ financing and investment opportunities. His research has been published in leading finance journals such as the Journal of Finance, Journal of Financial Economics and Review of Financial Studies and has received several Best Paper Awards. His research has been supported by the FDIC and the Deutsche Forschungsgemeinschaft (DFG). Sascha was awarded the Lamfalussy Fellowship from the European Central Bank in 2010. He currently is an associate editor at the Journal of Banking and Finance.
He is a regular speaker at international conferences and corporate events as well as meetings organized by central banks, governments, and international organizations, including the Deutsche Bundesbank, European Central Bank, the European Parliament, the Federal Reserve Bank of Chicago, the International Monetary Fund (IMF) and The Federal Deposit Insurance Corporation (FDIC) in Washington DC.
Sascha has developed and delivered MBA classes and executive education programmes around corporate finance, banking and bank regulation for major global banks and institutions. He also acts as an advisor/consultant to commercial and central banks as well as to asset management firms on finance, investment and banking issues. Sascha has also developed PhD level courses in Empirical Banking and Financial Intermediation.
He is research professor at the Institute of Economic Research in Halle and Member of the Schmalenbach-Arbeitskreis „Strategieentwicklung und Controlling in Banken”. Sascha is a member of the academic advisory committee of “My Finance Coach”, a non-profit initiative, which aims to improve and increase the financial literacy of children. He is also a member of the academic advisory committee of various startups (“FinTechs”) in Berlin and Frankfurt.
Prior to joining academia, he worked in credit risk management related areas at Deutsche Bank in Frankfurt and New York, working with Hedge Funds and structured credit products.
- Finance department
- Professor
- Faculty
PUBLICATIONS
Imbierowicz, B., Saunders, A., Steffen, S., 2025. Are risky banks disciplined by large corporate depositors?, Journal of Money, Credit and Banking. (forthcoming)
Kirschenmann, K., Korte, J., Steffen, S., 2025. The Zero Risk Fallacy - Banks' Sovereign Exposure and Sovereign Risk Spillovers, Journal of Financial Stability. (forthcoming)
Saunders, A., Spina, A., Steffen, S., Streitz, D., 2024. Corporate loan spreads and economic activity, Review of Financial Studies Vol. 38(2), pp. 507-546.
Acharya, V., Engle, R., Jager, M., Steffen, S., 2024. Why Did Bank Stocks Crash during COVID-19?, Review of Financial Studies Vol. 37(9), pp. 2627-2684.
Berg, T., Saunders, A., Schäfer, L., Steffen, S., 2021. Brexit and the Contraction of Syndicated Lending, Journal of Financial Economics Vol. 141(1), pp. 66-82.
Acharya, V., Borchert, L., Jager, M., Steffen, S., 2021. Kicking the Can Down the Road: Government Interventions in the European Banking Sector, Review of Financial Studies Vol. 34(9), pp. 4090-4131.
Berg, T., Saunders, A., Steffen, S., 2021. Trends in Corporate Borrowing, Annual Review of Financial Economics Vol. 13, pp. 321-340.
Acharya, V., Imbierowicz, B., Teichmann, D., Steffen, S., 2020. Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?, Journal of Financial Economics Vol. 138(2), pp. 342-365.
Acharya, V., Steffen, S., 2020. The risk of being a fallen angel and the corporate dash for cash in the midst of COVID, Review of Corporate Finance Studies Vol. 9, pp. 430-471.
Grosse-Rueschkamp, B., Steffen, S., Streitz, D., 2019. A Capital Structure Channel of Monetary Policy, Journal of Financial Economics Vol. 133(2), pp. 357-378.
Cai, J., Eidam, F., Saunders, A., Steffen, S., 2018. Syndication, Interconnectedness and Systemic Risk, Journal of Financial Stability Vol. 34, pp. 105-120.
Freudenberg, F., Imbierowicz, B., Saunders, A., Steffen, S., 2017. Covenant violations and dynamic loan contracting, Journal of Corporate Finance Vol. 45, pp. 540-565.
Berg, T., Saunders, A., Steffen, S., Streitz, D., 2017. Mind the Gap: The Difference between U.S. and European Loan Rates, Review of Financial Studies Vol. 30(3), pp. 948-987.
Puri, M., Rocholl, J., Steffen, S., 2017. What do a million observations have to say about loan defaults?: Opening the black box of relationships, Journal of Financial Intermediation Vol. 31, pp. 1-15.
Berg, T., Saunders, A., Steffen, S., 2016. The total cost of corporate borrowing in the loan market: don't ignore the fees, Journal of Finance Vol. 71(3), pp. 1357-1392.
Acharya, V., Steffen, S., 2015. The "Greatest" Carry Trade Ever?: Understanding Eurozone Bank Risks, Journal of Financial Economics Vol. 115(2), pp. 215-236.
Puri, M., Rocholl, J., Steffen, S., 2011. Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects, Journal of Financial Economics Vol. 100(3), pp. 556-578.
Bosch, O., Steffen, S., 2011. On syndicate composition, corporate structure and the certification effect of credit ratings, Journal of Banking and Finance Vol. 35(2), pp. 290-299.
Saunders, A., Steffen, S., 2011. The Costs of Being Private: Evidence from the Loan Market, Review of Financial Studies Vol. 24(12), pp. 4091-4122.
Kirschenmann, K., Korte, J., Steffen, S., 2025. The Zero Risk Fallacy - Banks' Sovereign Exposure and Sovereign Risk Spillovers, Journal of Financial Stability. (forthcoming)
Saunders, A., Spina, A., Steffen, S., Streitz, D., 2024. Corporate loan spreads and economic activity, Review of Financial Studies Vol. 38(2), pp. 507-546.
Acharya, V., Engle, R., Jager, M., Steffen, S., 2024. Why Did Bank Stocks Crash during COVID-19?, Review of Financial Studies Vol. 37(9), pp. 2627-2684.
Berg, T., Saunders, A., Schäfer, L., Steffen, S., 2021. Brexit and the Contraction of Syndicated Lending, Journal of Financial Economics Vol. 141(1), pp. 66-82.
Acharya, V., Borchert, L., Jager, M., Steffen, S., 2021. Kicking the Can Down the Road: Government Interventions in the European Banking Sector, Review of Financial Studies Vol. 34(9), pp. 4090-4131.
Berg, T., Saunders, A., Steffen, S., 2021. Trends in Corporate Borrowing, Annual Review of Financial Economics Vol. 13, pp. 321-340.
Acharya, V., Imbierowicz, B., Teichmann, D., Steffen, S., 2020. Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?, Journal of Financial Economics Vol. 138(2), pp. 342-365.
Acharya, V., Steffen, S., 2020. The risk of being a fallen angel and the corporate dash for cash in the midst of COVID, Review of Corporate Finance Studies Vol. 9, pp. 430-471.
Grosse-Rueschkamp, B., Steffen, S., Streitz, D., 2019. A Capital Structure Channel of Monetary Policy, Journal of Financial Economics Vol. 133(2), pp. 357-378.
Cai, J., Eidam, F., Saunders, A., Steffen, S., 2018. Syndication, Interconnectedness and Systemic Risk, Journal of Financial Stability Vol. 34, pp. 105-120.
Freudenberg, F., Imbierowicz, B., Saunders, A., Steffen, S., 2017. Covenant violations and dynamic loan contracting, Journal of Corporate Finance Vol. 45, pp. 540-565.
Berg, T., Saunders, A., Steffen, S., Streitz, D., 2017. Mind the Gap: The Difference between U.S. and European Loan Rates, Review of Financial Studies Vol. 30(3), pp. 948-987.
Puri, M., Rocholl, J., Steffen, S., 2017. What do a million observations have to say about loan defaults?: Opening the black box of relationships, Journal of Financial Intermediation Vol. 31, pp. 1-15.
Berg, T., Saunders, A., Steffen, S., 2016. The total cost of corporate borrowing in the loan market: don't ignore the fees, Journal of Finance Vol. 71(3), pp. 1357-1392.
Acharya, V., Steffen, S., 2015. The "Greatest" Carry Trade Ever?: Understanding Eurozone Bank Risks, Journal of Financial Economics Vol. 115(2), pp. 215-236.
Puri, M., Rocholl, J., Steffen, S., 2011. Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects, Journal of Financial Economics Vol. 100(3), pp. 556-578.
Bosch, O., Steffen, S., 2011. On syndicate composition, corporate structure and the certification effect of credit ratings, Journal of Banking and Finance Vol. 35(2), pp. 290-299.
Saunders, A., Steffen, S., 2011. The Costs of Being Private: Evidence from the Loan Market, Review of Financial Studies Vol. 24(12), pp. 4091-4122.
Acharya, V., Chauhan, R., Rajan, R., Steffen, S., 2022, Liquidity Dependence: Why Shrinking Central Bank Balance Sheets Is An Uphill Task, in: Proceedings of the Jackson Hole Economic Symposium of the Federal Reserve Bank of Kansas City on "Reassessing Constraints on the Economy and Policy".
Steffen, S., 2007. The Role of Private Information in Financial Contracting: evidence from the Syndicated Loan Market, Diss., Frankfurt am Main, Goethe Universität.
Schneider, Y., Steffen, S., 2018, Feasibility Check: Transition to a New Regime for Bank Sovereign Exposure?, in: Gesellschaft für Risikomanagement und Regulierung e.V. (ed): Yearbook 2018, Frankfurt am Main: Frankfurter Institut für Risikomanagement und Regulierung, pp. 149-151.
Schneider, Y., Steffen, S., 2018, Machbarkeitsprüfung: Übergang zu einer neuen Regelung für das Engagement von Banken in Staatsanleihen, in: Gesellschaft für Risikomanagement und Regulierung e.V. (ed): Jahrbuch 2018, Frankfurt am Main: Frankfurter Institut für Risikomanagement und Regulierung, pp. 39-41.
Acharya, V., Steffen, S., 2014, Analyzing systemic risk of the European banking sector, in: Handbook on Systemic Risk, Cambridge: Cambridge University Press, pp. 247-282.
Steffen, S., Weber, M., 2011, Thesen zur Reform des Einlagensicherungssystems, in: Handbuch Corporate Governance von Banken, München: Beck, pp. 303-314.
Schüwer, U., Steffen, S., 2008, Funktionen und Einsatz von Finanzderivaten, in: Jean Claude Zerey (ed): Außerbörsliche (OTC) Finanzderivate : Rechtshandbuch, Baden-Baden: Nomos, pp. 33-52.
Schneider, Y., Steffen, S., 2018, Machbarkeitsprüfung: Übergang zu einer neuen Regelung für das Engagement von Banken in Staatsanleihen, in: Gesellschaft für Risikomanagement und Regulierung e.V. (ed): Jahrbuch 2018, Frankfurt am Main: Frankfurter Institut für Risikomanagement und Regulierung, pp. 39-41.
Acharya, V., Steffen, S., 2014, Analyzing systemic risk of the European banking sector, in: Handbook on Systemic Risk, Cambridge: Cambridge University Press, pp. 247-282.
Steffen, S., Weber, M., 2011, Thesen zur Reform des Einlagensicherungssystems, in: Handbuch Corporate Governance von Banken, München: Beck, pp. 303-314.
Schüwer, U., Steffen, S., 2008, Funktionen und Einsatz von Finanzderivaten, in: Jean Claude Zerey (ed): Außerbörsliche (OTC) Finanzderivate : Rechtshandbuch, Baden-Baden: Nomos, pp. 33-52.
Fabisik, K., Schäfer, L., Steffen, S., 2022. Do Debt Investors Care About ESG Ratings?.
Schmidt, C., Schneider, Y., Steffen, S., Streitz, D., 2021. Capital Misallocation and Innovation.
Acharya, V., Crosignani, M., Eisert, T., Steffen, S., 2021. Zombie lending: Theoretical, international and historical perspective.
Cai, J., Eidam, F., Saunders, A., Steffen, S., 2018. Loan Syndication Structures and Price Collusion.
Berg, T., Saunders, A., Schäfer, L., Steffen, S., 2017. "Brexit" and the Contraction of Syndicated Lending, New York: Social Science Research Network.
Friedmann, D., Imbierowicz, B., Saunders, A., Steffen, S., 2017. Do Corporate Depositors Risk Everything for Nothing?: The Importance of Deposit Relationships, Interest Rates and Bank Risk, New York: Social Science Research Network.
Acharya, V., Pierret, D., Steffen, S., 2017. Lender of Last Resort versus Buyer of Last Resort: Evidence from the European Sovereign Debt Crisis, New York: Social Science Research Network.
Hagendorff, J., Saunders, A., Steffen, S., Vallascas, F., 2017. The Wolves of Wall Street: Managerial Attributes and Bank Business Models, New York: Social Science Research Network.
Puri, M., Rocholl, J., Steffen, S., 2011. Rules Versus Discretion in Bank Lending Decisions, New York: Social Science Research Network.
Schmidt, C., Schneider, Y., Steffen, S., Streitz, D., 2021. Capital Misallocation and Innovation.
Acharya, V., Crosignani, M., Eisert, T., Steffen, S., 2021. Zombie lending: Theoretical, international and historical perspective.
Cai, J., Eidam, F., Saunders, A., Steffen, S., 2018. Loan Syndication Structures and Price Collusion.
Berg, T., Saunders, A., Schäfer, L., Steffen, S., 2017. "Brexit" and the Contraction of Syndicated Lending, New York: Social Science Research Network.
Friedmann, D., Imbierowicz, B., Saunders, A., Steffen, S., 2017. Do Corporate Depositors Risk Everything for Nothing?: The Importance of Deposit Relationships, Interest Rates and Bank Risk, New York: Social Science Research Network.
Acharya, V., Pierret, D., Steffen, S., 2017. Lender of Last Resort versus Buyer of Last Resort: Evidence from the European Sovereign Debt Crisis, New York: Social Science Research Network.
Hagendorff, J., Saunders, A., Steffen, S., Vallascas, F., 2017. The Wolves of Wall Street: Managerial Attributes and Bank Business Models, New York: Social Science Research Network.
Puri, M., Rocholl, J., Steffen, S., 2011. Rules Versus Discretion in Bank Lending Decisions, New York: Social Science Research Network.
OFFICE HOURS
During the lecture period
Thursdays, 05.30 - 06.30 pm upon prior notic
Room
3.01
OFFICE HOURS
During the lecture period
Thursdays, 05.30 - 06.30 pm upon prior notic
Room
3.01