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Andreas Hoepner

Full Professor of Operational Risk, Banking & Finance

School of Business
N305.4
UCD Michael Smurfit Graduate Business School
Carysfort Avenue, Blackrock, Co. Dublin
Republic of Ireland

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Biography

                                                                                                                                        

"Economists should study financial markets as they actually operatenot as they assume them to operate - observing the way in which information is actually processedobserving the serial correlationsbonanzas, and sudden stopsnot assuming these away as noise around the edges of efficient and rational markets."

Lord Adair Turner (2012: p64) 'Economics after The Crisis: objectives and means' MIT Press: Cambridge.



 Biography (as of October 2017): 

 
Professor Dr. Andreas G. F. Hoepner is Professor of Operational Risk, Banking & Finance at the Michael Smurfit Graduate Business School and the Lochlann Quinn School of Business of University College Dublin (UCD). Andreas is also heading the 'Practical Tools' research group of the Mistra Financial Systems (MFS) research consortium (5 groups, total funding: SEK 58 million ~ about US$ 7 million), which aims to support Scandinavian and global asset owners with evidence-based tools for investment decision making. Before joining UCD in June 2017, Andreas was Associate Professor of Finance at the ICMA Centre of Henley Business School, where he remained subsequently as Visiting Professor of Finance teaching FCA staff on Ethics, Governance & Accountability. He is also Visiting Professor in Financial Data Science at the University of Hamburg, serves as a board member of the Financial Data Science Association (having been its inaugural chair in 2015-16) and educates investment professional in financial data science as Scientific Co-Director of the Certificate in Financial Data Science of the German Investment Association (DVFA). He is serving on independent assessment committees for the Investment & Pensions Europe (IPE) Awards (Categories: Climate Change Risk, ESG, Smart Beta), the Investment Innovation Benchmark (www.iib.io), and the RI Awards. He sits on advisory boards for Bank J. Safra Sarasin (with former PRI chair Engshuber), the Carbon Disclosure Project (CDP), the Deep Data Delivery Standards (www.DeepData.ai), the French Social Investment Forum (FIR), the Future World Fund (with Lord Stern) and Kempen.

Andreas received his PhD from St. Andrews in June 2010, where he was on faculty from 02/2009 to 09/2013. He is co-founder and chair of two socially motivated enterprises: ReFine Research Project which gives social reporting awards to pension funds and Sociovestix Labs (SVL). Co-founded with Dr. Borth, Drs. Hees and Dr. Rezec, SVL is a spin-off from the German Research Centre for Artificial Intelligence [DFKI]) which is committed to fostering innovations in support of the Sustainable Development Principles while adhering to the Asilomar AI Principles and the ReFine Principles for Financial Data Science. Prior to taking up his MISTRA role in March 2016, Andreas served over six years as lead academic advisor to the United Nations supported Principles for Responsible Investment and also consulted for organisations including the European Commission, the International Finance Corporation (IFC), and the University of Cambridge's Institute for Sustainability Leadership (CISL).

Dr. Hoepner is the sole inventor of a US patent titled 'Investment Performance Measurement' (No. US8751357 B1). He also won several awards including a 2015 PRI/Sycomore Best Quantitative Paper, a 2012 Academy of Management Best Paper Proceeding, a 2010 PRI Academic Research Award, and 2011 and 2012 PRI/FIR Research Grant Awards. He publishes interdisciplinary in journals such as Accounting, Auditing & Accountability; Brain & Behavior; Ecological Economics; Environment & Planning C; European Journal of Finance; Journal of Business Ethics; and Journal of Business Finance & Accounting. He is co-editor of the Cambridge Handbook of Institutional Investment and Fiduciary Duty (foreword by Al Gore) and the Routledge Handbook of Responsible Investment. More generally, Dr. Hoepner's research earned him, aged 33, an invitation to serve as a Fellow of the Royal Society of Arts in 2015 for "exceptional contributions to the study of finance, particularly ... responsible investment".

Besides these academic honours, Dr. Hoepner's research and views have been covered in mainstream international media (TV, Radio & Print) including BBC (World Business Report, Business Live, Radio 4 today programme, Radio 5 Live, South Live), Financial Times, The New York Times, CNN, Guardian, Deutsche Welle, Die Zeit, Les Echos or Le Monde. He has also presented professionally relevant insights from his research to dozens of asset managers including three quarters of the trillion US$ group (i.e. AGI, Amundi, AXA, BlackRock, BNP Paribas, Capital Group, Deutsche, JP Morgan, LGIM, PIMCO, SSGA, UBS, Vanguard) and many other relevant organisations (e.g. AP1, AP3, AP4, AP7, BigDataFinance.eu, Bloomberg, BVI, CDC, CFA, China Securities Regulatory Commission, Church of England, DVFA FinTech Forum, EFFAS, European Commission, EAPF, FCA, Freshfields, FTSE, German Council for Sustainable Development, IFC, Invesco, IOSCO, Ireland Strategic Investment Fund, MSCI, Northern Trust, OTPP, Pantheon, PKA, PRI, SPDB, Swedish House of Finance, Swiss Finance Institute, S&P Global, UNGC, Unipension, Unisuper, or USS). Selected presentations and interviews of Dr. Hoepner have been translated into Chinese, Danish, French, German, Japanese, Korean, Portuguese and Russian. A detailed record of Dr. Hoepner's publications and presentations can be found on his CV.

Professional

Honours and Awards

Year: 2017.
Title: Vinnova Grant (Sweden) for research on greening the financial sector [Value: SEK 1,950,000; with SSE]
Year: 2016.
Title: Mistra Grant (Sweden) for research on financial systems [Value: SEK 30,000,000; with SSE, KTH, KVA & Vienna School]
Year: 2016.
Title: 2016 Best Paper Award (Corporate Finance), 3rd Young Finance Scholars conference (with Huang et al.)
Year: 2015.
Title: European Union Climate-KIC grant for research into Climate Impact Fund ratings to pave the way for a 2°economy - CLIMPAX [Value: EUR 1,322,870; with CDP, Southpole, UHH]
Year: 2015.
Title: 2015 PRI / Sycomore AM Award for Best Quantitative Paper 2015 (with Adamsson)
Year: 2013.
Title: International Finance Corporation (IFC) grant for a feasibility study on the Natural Capital Declaration [Value: $ 40,000; with SVL]
Year: 2013.
Title: European Union Climate-KIC grant for research into the relationship between greenhouse gas emissions, societal awareness and investment decision making [Value: EUR 200,000; with Southpole, SVL, UHH]
Year: 2012.
Title: Centre for European Economic Research (ZEW, Germany) grant for research in the relationship between ESG criteria, sin industries and credit cost [Value: EUR 150,000; with ICMA & Groningen]
Year: 2012.
Title: FIR/PRI Research Grant Award (France) in 2012 for a paper titled 'Responsible Investment and the Chinese Stock Market' (with Li et al.)
Year: 2012.
Title: Best Paper Proceedings of the 2012 Academy of Management Meeting for a paper titled 'Managing Reputation through Collusion' (with Barnett et al.)
Year: 2011.
Title: Mistra Grant (Sweden) for a research project on Impact of Value on SRI Practice: A Comparison of Financial Professionals & Beneficiaries [Value: SEK 200,000; with Leeds]
Year: 2011.
Title: FIR/PRI Research Grant Award (France) for a paper titled 'Does pension funds' fiduciary duty prohibit the integration of any ESG criteria in investment processes?' (with Rezec et al.)
Year: 2010.
Title: PRI Academic Research Award for papers of excellence on responsible investment for a paper titled 'Portfolio Diversification and Environmental'
 

Patents

Patent US Patent 8751357 : Investment Performance Measurement
       

Employment

Employer: ICMA Centre, Henley Business School, Reading, England, UK
Position: Associate Professor of Finance (10/13 - 5/17)
Employer: School of Management, University of St. Andrews, Scotland, UK
Position: Lecturer in Banking & Finance (2/09 - 9/13)

Education

Year 2010 Institution: University of St Andrews
Qualification: PhD Subject:
Year 2005 Institution: Open University
Qualification: BA Subject:
Year 2006 Institution: University of St Andrews
Qualification: M Litt Subject:
       

Other Activities

Editorial Roles:

2017-2019 Special Issue Co-Editor 'Econometrics and Financial Data Science' in The European Journal of Finance

2010-2014 Editorial Board Member, Journal of Sustainable Finance and Investment 

Publications

 

Book Chapters

Hoepner, A. G. F. & P.-S. Yu (2017) 'Responsible Investors and Company Standards: follow the money to rate the raters' In: Deborah C. Poff and Alex C. Michalos (eds). Encyclopedia of Business and Professional Ethics. Heidelberg: Springer. [Details]
Hebb, T.; Hoepner, A. G. F.; Rodionova, T. & I. Sanchez (2017) 'Power and Shareholder Saliency' In: Helen Borland, Adam Lindgreen, Joelle Vanhamme, Francois Maon, Veronique Ambrosini, Beatriz Palacios Florencio (eds). Business Strategies for Sustainability: A Research Anthology. London: Gower Publishers. [Details]
Hoepner, A. G. F. (2016) 'Financial Data Science for Responsible Investors' In: M. Mansley and F. Ward (eds). 10-4-10 Anniversary Book. Bristol: Environmental Agency Pension Fund. [Details]
Hebb, T., Hawley, J. P., Hoepner, A. G. F., Neher, A. L. and D. Wood (2016) 'Introduction' In: T. Hebb, J. P. Hawley, A. G. F. Hoepner, A. L. Neher and D. Wood (eds). Handbook of responsible investment. Abingdon: Routledge. [Details]
Hoepner, A. G. F., D. G. McMillan, and M. Fraser (2016) 'Is responsible investment under proportionally researched?' In: T. Hebb, J. P. Hawley, A. G. F. Hoepner, A. L. Neher and D. Wood (eds). Handbook of responsible investment. Abingdon: Routledge. [Details]
Hoepner, A. G. F., G. Huang, and H. Liu (2016) 'Beyond outreach: corporate social responsibility and the financial performance of microfinance institutions' In: T. Hebb, J. P. Hawley, A. G. F. Hoepner, A. L. Neher and D. Wood (eds). Handbook of responsible investment. Abingdon: Routledge. [Details]
Barkemeyer, R.; Figge. F.; Hahn, T.; Hoepner, A. G. F.; Liesen, A. & Neher, A. L. (2014) 'Operationalizing Socially Responsible Investment: a non-financial fiduciary duty problem' In: J. P. Hawley, A. G. F. Hoepner, K. L. Johnson, J. Sandberg, and E. J. Waitzer (eds). Handbook of institutional investment and fiduciary duty. Cambridge: Cambridge University Press. [Details]
Hawley, J. P., A. G. F. Hoepner, K. L. Johnson, J. Sandberg, and E. J. Waitzer (2014) 'Introduction' In: J. P. Hawley, A. G. F. Hoepner, K. L. Johnson, J. Sandberg, and E. J. Waitzer (eds). Handbook of institutional investment and fiduciary duty. Cambridge: Cambridge University Press. [Details]
Hoepner, A. G. F. and Zeume, S. (2014) 'Fiduciary Duty and 'Sin Stocks': is vice really nice?' In: J. P. Hawley, A. G. F. Hoepner, K. L. Johnson, J. Sandberg, and E. J. Waitzer (eds). Handbook of institutional investment and fiduciary duty. Cambridge: Cambridge University Press. [Details]
Majoch, A. A. A.; Gifford, E. J. M. and Hoepner, A. G. F. (2012) 'Active Ownership and ESG Performance' In: Jones, S. and Ratnatunga, J (eds). Issues in Sustainability Accounting, Assurance and Reporting. Bingley: Emerald. [Details]
Hoepner, A. G. F. and Wilson, J. O. S. (2012) 'Social, Environmental, Ethical and Trust (SEET) issues in Banking: An Overview' In: Barth, J.R., Lin, C. and Wihlborg, C (eds). Research Handbook on International Banking and Governance. Cheltenham: Edward Elgar. [Details]
Biehl, C. F.; Hoepner, A. G. F. and Liu, J. (2012) 'Social, Environmental and Trust issues in Business and Finance' In: Baker, H. K. and Nofsinger, J (eds). Socially Responsible Finance and Investing. Hoboken: Wiley. [Details]

Edited Books

Hebb, T., Hawley, J. P., Hoepner, A. G. F., Neher, A. L. and D. Wood (Ed.). (2016) Handbook of Responsible Investment. Abingdon: Routledge. [Details]
Hawley, J. P., A. G. F. Hoepner, K. L. Johnson, J. Sandberg, and E. J. Waitzer (Ed.). (2014) Handbook of Institutional Investment and Fiduciary Duty. Cambridge: Cambridge University Press. [Details]

Peer Reviewed Journals

Miclea, A.; Miclea, M.; Pistor, M.; Hoepner, A. G. F.; Chan, A. and Hoepner, R. (2017) 'Vitamin D supplementation differentially affects seasonal multiple sclerosis disease activity'. Brain and Behavior, . [Details]
Barkemeyer, R.; Figge, F.; Hoepner, A. G. F.; Holt, D.; Kraak, J. & Yu, P. S.‎ (2017) 'Media Coverage of Climate Change: An International Comparison'. Environment and Planning C: Government and Policy, . [Details]
Hoepner, A. G. F. and Schopohl, L. (2017) 'On the Price of Morals in Markets: An Empirical Study of the Swedish AP funds and the Norwegian Government Pension Fund'. Journal of Business Ethics, . [Details]
Majoch, A. A. A.; Hoepner, A. G. F. and Hebb, T. (2017) 'Sources of Stakeholder Salience in the Responsible Investment Movement: Why do investors sign the Principles for Responsible Investment?'. Journal of Business Ethics, 140 (4):723-741. [DOI] [Details]
Liesen, A.; Figge, F.; Hoepner, A. G. F. and Patten, D. M. (2017) 'Climate Change and Asset Prices: Are Corporate Carbon Disclosure and Performance priced appropriately?'. Journal of Business Finance and Accounting, 44 (1&2):35-62. [DOI] [Details]
Ibikunle, G.; Gregoriou, A.; Hoepner, A. G. F. and Rhodes, M. (2016) 'Liquidity and Market efficiency in the world¿s largest carbon market'. British Accounting Review, 48 (4):431-447. [DOI] [Details]
Hoepner, A. G. F.; Oikonomou, I.; Scholtens, L. J. R. and Schröder, M. (2016) 'The Effects of Corporate and Country Sustainability Characteristics on the Cost of Debt: an International Investigation'. Journal of Business Finance and Accounting, 43 (1 & 2):158-190. [DOI] [Details]
Liesen, A.; Hoepner, A. G. F.; Patten, D. M. and Figge, F. (2015) 'Does stakeholder pressure influence corporate GHG emissions reporting? Empirical evidence from Europe'. Accounting, Auditing and Accountability Journal, 28 (7):1047-1074. [DOI] [Details]
Hoepner, A. G. F.; de Aguiar, T. R. S. and Majithia, R. (2014) 'The Level of Compliance with the International Code of Marketing of Breast-Milk Substitutes: Does it matter to Stock Markets?'. Journal of Business Ethics, 119 (3):329-348. [DOI] [Details]
Hoepner, A. G. F.; Kant, B.; Scholtens, L. J. R. and Yu, P.-S. (2013) 'Is the journal Ecological Economics really in itself a poor and misleading guide to what ecological economics is about? A Reply to Influencing the perception of what and who is important in ecological economics'. Ecological Economics, 89 :174-176. [DOI] [Details]
Barnett, M. L.; Hoepner, A. G. F.; Lux, S. and Timofeeva, I. (2012) 'Managing Reputation through Collusion'. Academy of Management Proceedings, . [Details]
Hoepner, A. G. F.; Kant, B.; Scholtens, L. J. R. and Yu, P.-S. (2012) 'Environmental and Ecological Economics in the 21st century: an age effect adjusted citation analysis of the most influential articles, journals, authors and institutions'. Ecological Economics, 77 :193-206. [DOI] [Details]
Hoepner, A. G. F. and Unerman, J. (2012) 'Explicit and implicit subject bias in the ABS journal quality guide'. Accounting Education, 21 (1):3-15. [DOI] [Details]
Hoepner, A. G. F., H. G. Rammal and M. Rezec (2011) 'Islamic Mutual Funds' Financial Performance and International Investment Style: Evidence from 20 Countries'. European Journal of Finance, 17 (9-10):828-850. [DOI] [Details]
                                                                                                                                           

Research

Research Interests

  • Financial Data Science: my interests include the accurate measurement of investment risks; advancing algorithms based on big data and/or deep data; the efficiency, effectiveness and integrity of financial markets; asset management in a single asset, multi-asset or mixed-asset setting; the opportunities of Augmented/Artificial Intelligence for application contexts from static recognition to reactive predictions; and developments in sustainable and/or factor based investing (e.g. scientific alpha, smart beta), professional forecasts and exchange traded products.
  • Operational Risks & Intangible Assets: my interests include all seven operational risk event types as defined by Basel II; the econometrics and dynamic valuation of intangible assets such as artificial intelligence, confidence, corporate compliance, corporate environmental responsibility, corporate governance, corporate social responsibility, dependencies, diversity, flexibility, human capital, innovation, knowledge, leadership, power, transparency, and trust; as well as the performance of responsible investments across all asset classes.
  • Organizational Refinancing: my interests includes the refinancing instruments used and pressures faced by organizations such as corporates, sovereigns, (micro)banks or municipalities; the conflicts of interest and resulting accuracy of auditors and rating agencies; the transparency and covenants of corporate capital structures across all legal entities; as well as the degree to which high quality management of organizational tensions between quality, costs, time, flexibility, learning and corporate culture can enhance refinancing processes.
  • Scientific Process & Method: my interests include the scientometrics of research outputs and research impacts; the concepts levels of measurement, data dictionaries and measurement validity; meta regression analysis and fact extraction; the statistics of sign changes in interaction terms and ratios; the tensions between dichotomous and distributional reasoning, research relevance and complexity, and causality and predictability, and; the modelling of volatility, uncertainty, complexity and ambiguity; and the differentiation of statistics and probability.
  • Societal Asset Owners: my interests include the accurately risk adjusted performance of societal asset owners such as pension funds, endowments, foundations, insurances and the deposits given to banking groups; the effectiveness their investor activism, engagement and voting behaviour; the efficiency of their resource use in terms of fee structure and technology; as well as crucial aspects of their behaviour such as transparency, long termism and continuous education.
  • Transparent Sustainable Development: my interests include the divergence between disclosure and reporting; double bookkeeping and accurate disclosure of greenhouse gas emissions; conflicts between practical and theoretical corporate governance; the accurate assessment of societal impacts; corporate legal responsibility and the effectiveness of corporate law; regional progress towards the Sustainable Development Goals; and systemic risks and entrenched obstacles preventing a conflict-free capitalism.
 

Recent Postgraduates

001 - St. Andrews:
Dr. Michael Rezec (German male, Oct 2010 - Sep. 2014) 'Thesis Title: Alternative Approaches in ESG Investing: Four Essays on Investment Performance & Risk' (joint supervision with Bert Scholtens, examined by David Power. Placement: Sociovestix Labs)
 
002 - St. Andrews:
Dr. Hampus Adamsson (Swedish male, Oct. 2010 - March 2015) 'Thesis Title: Essays on Islamic Equity Investing' (joint supervision with Kais Bouslah, examined by David McMillan. Placement: Sociovestix Labs) 

003 - Commenced St. Andrews, graduated ICMA Centre:
Dr. Arleta A. A. Majoch (Polish female, Oct. 2011 - August 2016) 'Identifying Sources of Salience among Global Asset Owners and Asset Managers: Three Essays on the Principles for Responsible Investment' (joint supervision with Tessa Hebb, examined by Jacquelyn Humphrey and Carol Padgett. Placement: MSCI ESG; now COO, Auriel Equities)

004 - Commenced St. Andrews, graduated ICMA Centre:
Dr. Qian Li (Chinese female, Oct. 2011 - Sep. 2016) 'Corporate Social Irresponsibility and Shareholder Value' (with external advice from Mike Barnett, examined by Christian Klein and Sotiris Tsolacos. Placement: Said Business School, University of Oxford)

005 - Commenced St. Andrews, graduated ICMA Centre:
Dr. Marcus A. Nilsson (Swedish male, Oct. 2011 - Sep. 2016) 'Four essays on socially responsible fixed income investing' (sole supervision, examined by Alan Gregory and Alfonso Dufour. Placement: Sociovestix Labs)

006 - Commenced St. Andrews, graduated ICMA Centre:
Dr. Xiaoyan (Rachel) Zhou (Chinese female, Oct. 2012  - Sep. 2016) 'Essays on the Effects of ESG Shareholder Engagement on Investment Risks and Return' (joint supervision with Ioannis Oikonomou, examined by Andrew Vivian and Chris Brooks. Placement: Smith School of Enterprise and Environment, University of Oxford)

007 - ICMA Centre:
Dr. Lisa Schopohl (German female, Oct. 2013  - Jan. 2017) 'Essays on Institutional Investment and Socially Responsible Investing' (sole supervision, examined by Ian Tonks and Chendi Zhang with no changes, not even typos, suggested. Placement: ICMA Centre, Henley Business School, University of Reading) [Winner of the 2017 FIR-PRI Best Ph.D. thesis award]

008 - ICMA Centre:
Dr. Rupini Deepa (Malaysian female, Oct 2013 - June 2017) 'Corporate Legal Responsibility' (sole supervision, examined by Christian Klein and Ioannis Oikonomou, Placement: University of Hamburg)

009 - Commenced St. Andrews, examined ICMA Centre:
Ms. Irena Timofeeva (Russian female, Feb. 2012 - Jan. 2017 ) 'Essays on responsibility and performance in investments' (with some external advice from Mike Barnett, examined by Julie Ayton and Sotiris Tsolacos)

010 - ICMA Centre:
Mr. Guan Huang (Chinese male, commenced Oct. 2013) 'Behavioral Microfinance' (joint supervision with Chris Brooks)

011 - ICMA Centre:
Mrs. Jianhong (Cherry) Liu (Chinese female, commenced Oct 2016) 'Operational & Systematic Risks in Banking Groups' (joint supervision with Chardin Wese Simen)

012 - UCD Smurfit:
Ms. Yumeng Gao (Chinese female, commencing Oct 2017) 'Multi-language text mining and asset prices' (joint supervision with Sha Liu)
 

Current Postgraduate Students

Yumeng Gao, Doctor of Philosophy (PhD)   -   Thesis Supervisor

Teaching

 

Modules Coordinated

201700   FIN41390     Finance: Environmental Finance
201700   FIN30240     Finance: Applied Portfolio & Risk Mangt
   

Developing as a Teacher

Teaching Qualifications: Fellowship, Higher Education Academy, UK [11/2013 - 10/2014] Trainer in Professional Management Education, Chamber of Industry and Commerce, Stuttgart, Germany [10/2002 - 06/2004]
 

Collaborators