Our Studio Guest: Jörg Rocholl, European School of Management and Technology | Made in Germany


President, Professor of Finance, and EY Chair in Governance and Compliance, ESMT Berlin

Jörg Rocholl has been the president of ESMT since July 2011. He joined ESMT in July of 2007 as an associate professor. In July 2010 he was promoted to professor and awarded the first EY Chair in Governance and Compliance. In September 2010 he was named as the associate dean of faculty and in April 2011, dean of faculty. Jörg holds both his PhD in Finance and Economics and his MPhil from Columbia Business School and received his "Diplom-Ökonom mit Auszeichnung" (Economics degree with distinction) from the Witten/Herdecke University in Germany.

Jörg's research interests are in the areas of Corporate Finance, Corporate Governance, and Financial Intermediation. His research has been accepted for publication in leading academic journals such as the Journal of Finance, Journal of Financial Economics, and the Review of Financial Studies.

Jörg is a member of the economic advisory board of the German Federal Ministry of Finance and also the vice chairman of the economic advisory board of Deutsche Welle. He is also a research professor at the Ifo Institute in Munich and Duisenberg Fellow of the European Central Bank (ECB). He has worked with Boston Consulting Group in Frankfurt and London and Deutsche Bank in Frankfurt and New York. Furthermore, he has been a visiting researcher at the Bundesbank's Economic Research Center in Frankfurt. Jörg received the Distinguished CESifo Affiliate Award and was awarded the Lamfalussy Fellowship from the European Central Bank. He has received several research grants from Columbia Business School, Kenan-Flagler Business School, and the FDIC; the Weatherspoon Teaching Award at Kenan-Flagler Business School; and a grant from the Westphal Foundation to conduct research in Kuala Lumpur and Hong Kong.

Jörg's research has been portrayed in leading international media such as New York Times, Washington Post, Los Angeles Times, Boston Globe, Financial Times, Frankfurter Allgemeine Zeitung, Handelsblatt, and Börsen-Zeitung. He appears regularly as an expert on ARD, ZDF, and Deutsche Welle TV.


  • PhD (Columbia University)
  • MPhil (Columbia University)
  • Dipl. oec. (Witten/Herdecke University)


Corporate finance, impact of political connections on firm value, and functioning of the interbank lending market



corporate finance


German, English


Journal Article Forthcoming Do credit shocks affect labor demand? Evidence for employment and wages during the financial crisis Journal of Financial Intermediation Jörg Rocholl, Alexander Popov

Journal Article Forthcoming Will German banks earn their cost of capital? Contemporary Economic Policy Andreas Dombret, Yalin Gündüz, Jörg Rocholl

Journal Article What do a million observations have to say about loan defaults? Opening the black box of relationships Journal of Financial Intermediation 31(July): 1–15 Manju Puri, Jörg Rocholl, Sascha Steffen (2017)

Journal Article Adverse incentives in crowdfunding Management Science 63(3): 587–608 Thomas Hildebrand, Manju Puri, Jörg Rocholl (2017)

Journal Article Staatsverschuldung: Privilegien des Staates auf dem Prüfstand [Sovereign debt: Analyzing state's privileges] Wirtschaftsdienst 94(8): 560–563 Thiess Büttner, Kai Konrad, Jörg Rocholl (2014)

Journal Article Politically connected boards of directors and the allocation of procurement contracts Review of Finance 17(5): 1617–1648 Eitan Goldman, Jörg Rocholl, Jongil So (2013)

Journal Article Corporate Governance von Banken Zeitschrift für Bankrecht und Bankwirtschaft (ZBB) 5: 388–392 Jörg Rocholl (2012)

Journal Article Wie wirkt sich der Wegfall staatlicher Garantien auf die Risikoübernahme von Banken aus? ifo Schnelldienst 65(18): 17–21 Sascha Steffen, Markus Fischer, Christa Hainz, Jörg Rocholl (2012)

Journal Article Bankenunion: Ist eine gemeinsame europäische Bankenaufsicht ein neues Instrument der Bankenrettung? [Bank union: Does common European bank supervision constitute a new bank bail-out instrument?] ifo Schnelldienst 65(14): 3–25 Hans-Peter Burghof, Bernhard Speyer, Michael Kemmer, Jörg Rocholl, Georg Fahrenschon, Jörg Asmussen, Clemens Fuest (2012)

Journal Article The price of liquidity: The effects of market conditions and bank characteristics Journal of Financial Economics 102(2): 344–362 Falko Fecht, Kjell G. Nyborg, Jörg Rocholl (2011)

Journal Article Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects Journal of Financial Economics 100(3): 556–578 Manju Puri, Jörg Rocholl, Sascha Steffen (2011)

Journal Article The new game in town: Competitive effects of IPOs The Journal of Finance 65(2): 495–528 Hung-Chia Hsu, Adam V. Reed, Jörg Rocholl (2010)

Journal Article Der Fall Opel: Scheitert der staatliche Rettungsplan? ifo Schnelldienst 62(23): 6–8 Jörg Rocholl (2009)

Journal Article Zurück zu alten Werten Harvard Business Manager August: 50–51 Jörg Rocholl (2009)

Journal Article Do politically connected boards affect firm value? Review of Financial Studies 22(6): 2331–2360 Eitan Goldman, Jörg Rocholl, Jongil So (2009)

Journal Article Ein spannendes Feld - Private Equity: Wo steht die Forschung? VentureCapital Magazin 5: 78–79 Jörg Rocholl (2009)

Journal Article A friend in need is a friend indeed: Allocation and demand in IPO bookbuilding Journal of Financial Intermediation 18(2): 284–310 Jörg Rocholl (2009)

Journal Article Corporate Governance und Internationale Kapitalmärkte Zeitschrift für betriebswirtschaftliche Forschung (ZfbF) 61(February): 114–123 Jörg Rocholl (2009)

Journal Article On the importance of retail banking relationships Journal of Financial Economics 89(2): 253–267 Jörg Rocholl, Manju Puri (2008)

Journal Article Liquidity management and overnight rate calendar effects: Evidence from German banks North American Journal of Economics and Finance 19(1): 7–21 Falko Fecht, Kjell G. Nyborg, Jörg Rocholl (2008)

Book Private-Equity-Lexikon [Private equity lexicon] Düsseldorf: Schäffer-Poeschel Albrecht Hertz-Eichenrode, Stephan Illenberger, Thomas A. Jesch, Harald Keller, Ulf Klebeck, Jörg Rocholl (2011)

ESMT White Paper New Breaking the doom loop: The euro zone basket ESMT White Paper Dietrich Matthes, Jörg Rocholl (2017)

ESMT White Paper Where did the Greek bailout money go? ESMT White Paper Jörg Rocholl, Axel Stahmer (2016)

Study Designing the funding side of the Single Resolution Mechanism (SRM): A proposal for a layered scheme with limited joint liability Jörg Rocholl, Jan Pieter Krahnen (2013)

Editorial The true significance of the EFSF downgrade 47(1): 2–3 Jörg Rocholl (2012)

Report The unequal effect of new banking rules in Europe October: 1–13 Benedicta Marzinotto, Jörg Rocholl (2010)

Report Die US-Sub-Prime Krise und der deutsche Bankenmarkt Jan U. Hagen, Jörg Rocholl (2007)

Report The U.S. subprime crisis and the German banking market Jan U. Hagen, Jörg Rocholl (2007)

Working papers

Working Paper Will German banks earn their cost of capital? Deutsche Bundesbank Discussion Paper 2017(1) Andreas Dombret, Yalin Gündüz, Jörg Rocholl (2017)

Working Paper Collateral, central bank repos, and systemic arbitrage Swiss Finance Institute Research Paper 16(66) Jörg Rocholl, Falko Fecht, Kjell G. Nyborg, Jiri Woschitz (2016)

Working Paper Loan officer incentives and the limits of hard information AFA 2013 San Diego Meetings Paper Tobias Berg, Manju Puri, Jörg Rocholl (2016)

Working Paper Institutional investors and corporate political activism European Corporate Governance Institute (ECGI) - Finance Working Paper 470(2016) Jörg Rocholl, Lei Zicheng, Rui A. Albuquerque, Chendi Zhang (2016)

ESMT Working Paper Government guarantees and bank risk taking incentives ESMT Working Paper Markus Fischer, Christa Hainz, Jörg Rocholl, Sascha Steffen (2014)

Work in progress

Discriminatory auctions with seller discretion: Evidence from German treasury auctions Jörg Rocholl

On the role of information, in-person contact, and relationships in mitigating discrimination in bank lending Jörg Rocholl, Manju Puri, Sascha Steffen

The private benefits of listing Jörg Rocholl

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