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Investment and financing are often two sides of the same coin or transaction. Although our research usually focusses on the financing perspective, investment problems are therefore also regularly addressed. We examine problems relating to the processes, structures and rules of the financial markets in both empirical and theoretical-conceptual research projects.

In the area of financing, we focus on (dis)intermediation by banks or rating companies, for example, as well as securitisation. As a further research focus lies in the area of regulation of banking and rating companies, we also work in the transitional area to law, which offers corresponding opportunities for interdisciplinary research cooperation.

Our second interdisciplinary research topic is the energy markets: they are undergoing massive change, which is also giving rise to institutional designs that are modelled on those of the financial markets – which raises the question of the extent to which the knowledge gained can be transferred to the other market.

Our research in the 2020s has so far focussed on the following areas:


The focus here is on intermediation by banks, rating companies and digital platforms – particularly in financial markets, but also in energy markets. Selected publications:

  • Dreesen, Heinz/Horsch, Andreas (2022): Konzentration deutscher Kreditgenossenschaften - Eine empirische Analyse der Jahre 2000 bis 2020, in: ZfgG - Zeitschrift für das gesamte Genossenschaftswesen, 72nd Vol., No. 4, pp. 290-314.
  • Hundt, Steffen/Jahnel, Johanna/Horsch, Andreas (2022): Decarbonization of the Chinese Power Market - Does a Digital Platform Support Energy Transition?, in: Zeitschrift für Umweltpolitik und Umweltrecht / Journal of Environmental Law and Policy, 45. Jg., Nr. 3, S. 300-331.


Our economic analyses of market rules logically focus on those for banking and rating companies, and occasionally also those of the energy markets. Selected publications include:

  • Horsch, Andreas/Kleinow, Jacob (2022): The Challenge of Regulatory Complexity, in: European Business Law Review, Vol. 33, No. 3, pp. 421-441.
  • Eickstädt, Anja/Horsch, Andreas (2021): Financial technology and systemic risk, in: Chiu, Iris H.-Y./Deipenbrock, Gudula (eds.): Routledge Handbook of Financial Technology and Law, London/New York (Routledge), pp. 96-115.
  • Aust, Benjamin/Kleinow, Jacob/Horsch, Andreas (2020): EEG-Novellen und die Reaktion der Strombörse: Eine empirische Untersuchung, in: ZfU - Zeitschrift für Umweltpolitik und Umweltrecht, 43. vol, No. 4, pp. 371-401.


We research both variants of securitisation, i.e. the replacement of unsecuritised financing with securitised financing, for example in the area of SME or project financing, as well as asset-backed structures such as IPBS. Selected publications on this topic:

  • Horsch, Andreas/Rößger, Anja (2023): Unternehmensfinanzierung auf Basis von Immaterialgüterrechten, in: Klose, Bernhard/Löschnigg, Günther/Möller-Klapperich, Julia (eds.): Werbung und Recht, Festschrift für Gerhard Ring, Baden-Baden (Nomos), pp. 207-233.
  • Richter, Sylvia/Heyde, Frank/Horsch, Andreas/Wünsche, Andreas (2021): Determinants of project bond prices - Insights into infrastructure and energy capital markets, in: Energy Economics, Vol. 97, Art. 105175.
  • Richter, Sylvia/Horsch, Andreas (2020): Public support of bond-based infrastructure finance: the EU 2020 PBI, in: Public Money & Management, Vol. 40, No. 2, pp. 164-169.

If you would like to find out more about our work or would like to explore something with us, we would be happy to receive an e-mail or a call.