Emirhan İlhan

You can contact me at: e.ilhan@fs.de

You can download my CV here.

Google Scholar


I am a Ph.D. candidate in Finance at the Frankfurt School of Finance & Management.

I visited McCombs School of Business at the University of Texas at Austin for the Spring Semester 2020.

My research interests lie in financial economics of climate change and empirical corporate finance.


Carbon Tail Risk

(with Zacharias Sautner and Grigory Vilkov)

Forthcoming in the Review of Financial Studies

Strong regulatory actions are needed to combat climate change, but uncertainty makes it difficult for investors to quantify the impact of future climate regulation. We show that climate policy uncertainty is priced in the option market. The cost of option protection against downside tail risks is larger for firms with more carbon-intense business models. For carbon-intense firms, the cost of protection against downside tail risk is magnified at times when the public’s attention to climate change spikes, and it decreased after the election of climate change skeptic President Trump.

Climate Risk Disclosure and Institutional Investors

(with Philipp Krueger, Zacharias Sautner, and Laura Starks)

Given ambiguity concerning the effects of disclosure on firm value and markets, we examine the question of whether investors value carbon risk disclosure. Through a survey and empirical tests, we conclude that many institutional investors consider climate risk reporting to be as important as financial reporting. However, systematic variation exists in their opinions depending on firm characteristics, investor characteristics and investor beliefs about climate change. Our empirical tests show that greater institutional ownership, particularly investors from high social norm countries, is associated with a higher propensity of firms to voluntarily disclose their carbon emissions and to provide higher quality information.


Frankfurt School of Finance & Management:

2018/2019: Mathematics (BSc), Fall. Evaluation: 1.7 (1: Best, 6: Worst)
2017/2018: Mathematics (BSc), Fall. Evaluation: 1.9 (1: Best, 6: Worst)

Teaching Assistant:
2019/2020: Risk Management (MSc), Spring.
2018/2019: Corporate Finance (MSc), Spring.
2018/2019: Corporate Finance (BSc), Spring.
2017/2018: Corporate Finance (MSc), Spring.