Hendrik Hakenes How Can Investment Decisions Influence Climate Change?

Hendrik Hakenes is Professor of Finance at the University of Bonn. Having completed his PhD at the University of Münster, Hakenes has also held research positions at the Max Planck Institute for Research on Collective Goods, the University of Minnesota and Leibniz University Hannover. Hakenes’s research focuses on banking and finance and industrial economics. An editor for Credit and Capital Markets, since 2018 Hakenes has been principal investigator on a special research project based at the University of Mannheim: “Economic Perspectives on Societal Challenges: Equality of Opportunity, Market Regulation, and Financial Stability”.

Area of Research


Hendrik Hakenes and Isabel Schnabel. "Bank Bonuses and Bailouts." Journal of Money, Credit and Banking 46, 1 (2014): 259–288.  
John H. Boyd and Hendrik Hakenes. "Looting and Gambling in Banking Crises." Journal of Economic Theory 149 (2014): 43–64.  
Christa Hainz and Hendrik Hakenes. "The Politician and His Banker." Journal of Public Economics 96 (2012): 218–225.  
Reint Gropp, Hendrik Hakenes and Isabel Schnabel. "Competition, Risk-Shifting, and Public Bail-Out Policies." Review of Financial Studies 24, 6 (2011): 2084-2120.  
Hendrik Hakenes, Iftekhar Hasan, Phil Molyneux and Ru Xie. "Small Banks and Local Economic Development." Review of Finance 19 (2015).  

since 2011

Professor of Finance

University of Bonn (Rheinische Friedrich-Wilhelms-Universität Bonn) (more details)



of the “Hannover Center of Finance”


Professor of Economics

University of Hanover (Leibniz Universität Hannover)

Especially Financial Economics


Guest Researcher

University of Mannheim (Universität Mannheim)


Visiting Postdoctoral Fellow

University of Minnesota

Finance Department of the Carlson School of Management


Guest Researcher

Deutsche Bundesbank, Frankfurt a.M.


Senior Research Fellow

Max Planck Society

Max Planck Institute for Research on Collective Goods


Postdoctoral Researcher

University of Mannheim (Universität Mannheim)

Department of Economics, Chair Prof. Martin Hellwig


Doctoral Student and Junior Research Fellow

University of Münster (Westfälische Wilhelms-Universität Münster)

Department of Banking, Prof. Dr. Andreas Pfingsten


PhD in Economics

University of Münster (Westfälische Wilhelms-Universität Münster)

Thesis “Banks as Delegated Risk Managers.”


Diploma in Mathematics

University of Bonn (Rheinische Friedrich-Wilhelms-Universität Bonn) (more details)

Thesis “Parametric Interpolation by Third Degree Polynomial Curves”

- CESifo Economic Studies

- Credit and Banking

- European Economic Review

- Journal of the European Economic Association

- Finance Research Letters

- Finnish Economic Papers

- German Economic Review

- International Economic Review

- Journal of Banking and Finance

- Journal of the European Economic Association

- Journal of Financial Intermediation

- Journal of Institutional and Theoretical Economics

- Journal of Money

- Kredit und Kapital

- Rand Journal of Economics

- Review of Finance

- Review of Economic Studies

- Schmalenbach Business Review

- Zeitschrift für Betriebswirtschaftslehre

- American Economic Association (AEA)

- European Economic Association (EEA)

- German Economic Association (VfS, especially the committee for industrial economics)

- German Academic Association for Business Research (VHB)

- German Finance Association (DGF)

- German Economic Asociation for Business Administration (GEABA)

© University of Bonn

University of Bonn (Rheinische Friedrich-Wilhelms-Universität Bonn)

Bonn is one of the large universities in Germany, with around 36,000 students, 550 professors, 6,500 other staff staff. It offers a wide disciplinary spectrum comprising some 200 different degree programmes, from Agricultural Science to Tibetan Studies. This diversity is what characterizes Bonn as a full-range university with a strong international orientation. In many international university rankings Bonn is placed among the 100 best universities in the world.Its academic and research profile features internationally renowned specializations in the fields of Mathematics, Physics/Astronomy, Economics, Chemistry, Pharma Research, Biosciences, Genetic Medicine, Neurosciences and Philosophy/Ethics. Other disciplines, such as Geography and Law, are of outstanding importance within the German research scene.

The Rheinische Friedrich-Wilhelms-Universität Bonn is rooted in a long tradition going back almost 200 years. It was founded in 1818 by Friedrich-Wilhelm III, the Prussian king whose name it bears. Imbued with the spirit of Wilhelm von Humboldt, the university quickly joined the circle of Germany's most distinguished universities and became a major pole of attraction for leading scholars as well as students.The list of famous professors ranges from the astronomer Friedrich Wilhelm Argelander (1799-1875), through the chemist August Kekulé von Stradonitz (1829–1896) and political economist Josef Schumpeter (1883–1950) to the philologist Ernst Robert Curtius (1886–1956) and the theologists Karl Barth (1886–1968) and Joseph Ratzinger (born 1927), now Pope Benedict XVI. Bonn's best-known students include Heinrich Heine, Karl Marx, Friedrich Nietzsche, and Konrad Adenauer.

The university is proud of a long list of award-winning scientists and scholars, with about twenty Leibniz Prize winners and around thirty ERC grantees. In the last three decades two professors have received the Nobel Prize: Wolfgang Paul (for Physics, 1989) and Reinhard Selten (for Economics, 1994). (Source: University of Bonn)


The Collaborative Research Center (CRC) TR 224 – EPoS

The Collaborative Research Center (CRC) TR 224 – EPoS is a cooperation between the University of Bonn and the University of Mannheim. Funded by the German Research Foundation (DFG), it aims to analyze and provide policy proposals that address three key societal challenges: how to promote equality of opportunity; how to regulate markets in light of the internationalization and digitalization of economic activity; and how to safeguard the stability of the financial system.


In considering their impact on climate change, individuals naturally think about consumption. In this video, HENDRIK HAKENES argues that people need to give equal weight to their investments. Hakenes constructs a mathematical model which allows him to explore the effectiveness of different decisions around consumption and investment. Though conventional wisdom suggests that reducing consumption takes priority, the research finds that investment is just as important. Hakenes work helps people to understand how they can more effectively reduce their carbon footprint by paying more attention to investments that they may not have consciously undertaken, via pension funds and insurance for example.

LT Video Publication DOI: https://doi.org/10.21036/LTPUB101029

Responsible Investment and Responsible Consumption

  • Hendrik Hakenes and Eva Schliephake
  • Published in 2021
Hendrik Hakenes and Eva Schliephake. "Responsible Investment and Responsible Consumption." (2021). doi:10.2139/ssrn.3846367.