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Chair and Research Programme in Sustainable Finance


Michael Halling





About the Chairholder 

Michael Halling joined the University of Luxembourg in January 2021, as Full Professor within the Department of Finance, and moved into his current role as the Chair and coordinator of the research program in Sustainable Finance in November 2021. He holds a Ph.D. in computer science from the Vienna University of Technology and a PhD in finance from the University of Vienna.  


During his academic career, he spent five years at the University of Utah and almost nine years at the Stockholm School of Economics. His work has been published in leading journals including the Journal of Finance, the Review of Financial Studies, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis and the Review of Finance.  















Chairholder Expertise  

  • Sustainable finance
  • Empirical asset pricing  
  • Asset management  
  • Corporate capital structure
  • Digitalisation and cryptoassets  

Chair Objectives

  • Contribute to a sustainable and inclusive economic system in Luxembourg 
  • Spread scientific knowledge within Luxembourg and internationally 
  • Educate students at all levels as well as professionals to excel in sustainable finance 

Chair partners  

  • The Luxembourg Ministry of Finance  
  • The Luxembourg Ministry of the Environment, Climate and Sustainable Finance

History and mission 

Launched in 2020, The Chair created a track in Sustainable Finance in the second year of the MSc in Finance and Economics. The Sustainable Finance Track has been designed by academics and industry professionals with experience in modelling and managing sustainability risks, performing ESG (Environmental, Social and Corporate Governance) due-diligence assessments of investments and CSR (Corporate Social Responsibility) reports. Students are equipped with the latest academic as well as practical knowledge required to join the labor market and tackle challenges associated with the transition towards a more sustainable society.  

For professionals, a Certificate in Sustainable Finance has also been developed within the framework of the Chair. The goal of this 8-day programme is to teach professionals state-of-the-art thinking and core concepts in the area of Sustainable Finance. Most importantly, the certificate provides a comprehensive foundation of sustainable finance that will cover all relevant aspects including important financial concepts, the regulatory and legal dimension, and current reporting standards. 

The research programme implemented by the Chair focuses on highest-quality academic research in the area of sustainable finance. Currently, eight research projects are running, covering diverse topics such as ESG disclosure and financial reporting, carbon risk measurement and management of mutual funds, or risk and returns of ESG investor activism.  


Chair impact  



November 2022 - Sustainable Investing: Cutting through the Noise, the Academia Meets Industry Series with EY Luxembourg  

July 2022 - 1st Conference in Sustainable Finance at the University of Luxembourg with keynotes by Lubos Pastor (University of Chicago) and Stefano Giglio (Yale University).  

May 2022 - Squaring the Circular Economy: Investment challenges and opportunities, from the Academia Meets Industry Series with EY Luxembourg 

March 2022 - Webinar on “Climate Risk Measurement: Regulatory Ambition versus Practical Feasibility” organised by the University of Luxembourg and LSFI. 

November 2021 - Sustainable Real Estate and Impact Investing: Exploring two important ESG challenges, from the Academia Meets Industry Series with EY Luxembourg 

November 2021 - Webinar on “Do we need a social taxonomy?” organised by the University of Luxembourg, LSFI and SPTF.

March 2021 - Sustainable Finance: Sounding good or doing good?, from the Academia Meets Industry Series with EY Luxembourg 



Halling M., Pagano M., Randl O., Zechner J., 2008, “Where is the Market? Evidence from Cross-Listings in the U.S.”, Review of Financial Studies, 21 (2), pp. 725-761.

Dangl, T., Halling, M., 2012, Predictive Regressions with Time-Varying Coefficients, Journal of Financial Economics, 106 (1), pp. 157-181.

Halling M., Moulton, P. C., Panayides, M., 2013, “Volume Dynamics and Multimarket Trading”, Journal of Financial and Quantitative Analysis, 48 (2), pp. 489-518.

Cremers, M., Halling, M., Weinbaum, D., 2015, Aggregate Jump and Volatility Risk in the Cross-Section of Stock Returns, The Journal of Finance, 70 (2), pp. 577-614.

Halling, M., Pichler, P., Stomper, A., 2016, The Politics of Related Lending, Journal of Financial and Quantitative Analysis, 51 (01), 333-358.

Halling, M., Yu, J., Zechner, J., 2016, Leverage Dynamics over the Business Cycle, Journal of Financial Economics, 122 (1), pp. 21-41.

Halling, M., Yu, J., Zechner, J., 2020, How Did COVID-19 Affect Firms' Access to Public Capital Markets?, Review of Corporate Finance Studies, 9 (3), pp. 501-533.

Cooper, M., Halling, M., Yang, W., 2021, The Persistence of Fee Dispersion among Mutual Funds, Review of Finance, 25 (2), pp. 365-404. (media coverage: WSJ expert blog, 2016; Barrons, 2016; New York Times, 2017).




Prof. Michael Halling



Anne Dandeville
Team Leader for Advancement