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Professor Bert Scholtens

Professor Bert Scholtens

Professor of Banking and Finance

Teaching 2016-2017

  • MN5001 Contemporary Global Issues in Management
  • MN5311 Responsible Investments
  • MN5611 Alternative Investments: Hedge Funds, Private Equity, Socially Responsible Investment, Islamic Finance, Carbon Finance

Biography

Bert Scholtens is Professor of Banking and Finance at the University of St Andrews School of Management. He also holds the position of Professor at the Faculty of Economics and Business at the University of Groningen, The Netherlands.

Bert Scholtens (1959) earned his Masters in Economics at the University of Groningen. After his graduation, he worked with the Postbank in Amsterdam. He defended his PhD on international financial intermediation at the University of Amsterdam in 1994. He became assistant professor at the University of Amsterdam before he was an associate professor at the University of Groningen. In 2004, he became a professor in Groningen. In 2012, he was appointed professor in St Andrews.

Bert Scholtens' research is directed at international financial intermediation and environmental finance and economics. He focuses on finance, responsible investment and energy and publishes in international academic journals. He currently teaches about portfolio management, corporate governance, and credit risk analysis and coaches both Bachelor and Masters students in completing their thesis. He also supervises several PhD students, both in Groningen and St Andrews.

Research expertise

Corporate Social Responsibility, Socially Responsible Investing, Energy Finance, Financial institutions (banks, pension funds, insurance companies, mutual funds, etc.), International finance, Financial intermediation, Financial systems, Environmental economics.

Selected publications (2009 to present)

Chapters

The financial impact of terrorist attacks on the value of the oil and gas industry: An international review
Holwerda, D. & Scholtens, L. J. R. 30 Oct 2016 Energy and Finance: Sustainability in the Energy Industry. Dorsman, A., Arslan-Ayaydin, Ö. & Baha Karan, M. (eds.). Switzerland: Springer-Verlag, p. 69-80 12 p. 5
Research output: Chapter in Book/Report/Conference proceedingChapter

Measuring risk in energy markets
Scholtens, B. & Sklavos, K. 2014 Perspectives on Energy Risk. Dorsman, A., Gök, T. & Baha Karan, M. (eds.). Springer-Verlag, p. 51-67 17 p.
Research output: Chapter in Book/Report/Conference proceedingChapter

 

Articles

European pension funds and sustainable development: trade-offs between finance and responsibility
Sievänen, R., Rita, H. & Scholtens, B. 6 Nov 2017 In : Business Strategy and the Environment. 26, 7, p. 912-926
Research output: Contribution to journalArticle

Corporate social responsibility and shareholder proposals
Eding, E. & Scholtens, L. J. R. Nov 2017 In : Corporate Social Responsibility and Environmental Management. 24, 6, p. 648-660
Research output: Contribution to journalArticle

Are international fund flows related to exchange rate dynamics?
Li, S., de Haan, J. & Scholtens, B. 19 Oct 2017 In : Open Economies Review. First Online, 18 p.
Research output: Contribution to journalArticle

Investor response to appointment of female CEOs and CFOs
Scholtens, B. & Brinkhuis, E. 1 Sep 2017 In : The Leadership Quarterly. In press
Research output: Contribution to journalArticle

Cross-border investment expenditure spillovers in European gas infrastructure
Bouwmeester, M. C. & Scholtens, B. Aug 2017 In : Energy Policy. 107, p. 371-380 10 p.
Research output: Contribution to journalArticle

Cyclical behavior of international fund flows
Li, S., de Haan, J. & Scholtens, B. 17 Jul 2017 In : Research in International Business and Finance. 43, p. 99-112
Research output: Contribution to journalArticle

CEO risk-taking incentives and socially irresponsible activities
Bouslah, K., Liñares-Zegarra, J., M'Zali, B. & Scholtens, B. 19 May 2017 In : British Accounting Review. In Press
Research output: Contribution to journalArticle

Modular Evaluation Method for Subsurface Activities (MEMSA). A novel approach for integrating social acceptance in a permit decision-making process for subsurface activities
van Os, H., Herber, R. & Scholtens, L. J. R. May 2017 In : Environmental Impact Assessment Review. 64, p. 97-122 25 p.
Research output: Contribution to journalArticle

Why finance should care about ecology
Scholtens, B. 27 Apr 2017 In : Trends in Ecology and Evolution. In press
Research output: Contribution to journalArticle

Firm type, feed-in tariff, and wind energy investment in Germany: An investigation of decision making factors of energy producers regarding investing in wind energy capacity
Werner, L. & Scholtens, L. J. R. 19 Apr 2017 In : Journal of Industrial Ecology. 21, 2, p. 402-411 10 p.
Research output: Contribution to journalArticle

Corrigendum to 'A plant-level analysis of the spill-over effects of the German Energiewende' [Appl. Energy 183 (2016) 1259-1271]
Mulder, M. & Scholtens, B. 15 Mar 2017 In : Applied Energy. 190, p. 1316 1 p.
Research output: Contribution to journalArticle

Analyzing systemic risk in the Chinese banking system
Huang, Q., de Haan, J. & Scholtens, B. 2 Mar 2017 In : Pacific Economic Review. Early View
Research output: Contribution to journalArticle

The opportunity cost of negative screening in socially responsible investing
Trinks, P. J. & Scholtens, B. 27 Jan 2017 In : Journal of Business Ethics. 140, 2, p. 193-208 16 p.
Research output: Contribution to journalArticle

Environmental and financial performance of fossil fuel firms: A closer inspection of their interaction
Gonenc, H. & Scholtens, L. J. R. 10 Jan 2017 In : Ecological Economics. 132, p. 307-328 22 p.
Research output: Contribution to journalArticle

A plant-level analysis of the spill-over effects of the German Energiewende
Mulder, M. & Scholtens, B. 1 Dec 2016 In : Applied Energy. 183, p. 1259-1271 13 p.
Research output: Contribution to journalArticle

Financing energy transformation: the role of renewable energy equity indices
Rezec, M. & Scholtens, B. 28 Nov 2016 In : International Journal of Green Energy. 14, 4, p. 368-378
Research output: Contribution to journalArticle

Subsurface activities and decision support systems: an analysis of the requirements for a social acceptance-motivated decision support system
van Os, H. W. A., Herber, R. & Scholtens, B. 1 Sep 2016 In : Environmental Impact Assessment Review. 60, p. 176-185 10 p.
Research output: Contribution to journalArticle

Challenging obduracy: How local communities transform the energy system
van der Schoor, T., van Lente, H., Scholtens, B. & Peine, A. Mar 2016 In : Energy Research and Social Science. 13, p. 94-105 12 p.
Research output: Contribution to journalArticle

The effects of corporate and country sustainability characteristics on the cost of debt: an international investigation
Hoepner, A., Oikonomou, I., Scholtens, B. & Schröder, M. Feb 2016 In : Journal of Business Finance and Accounting. 43, 1-2, p. 158-190 33 p.
Research output: Contribution to journalArticle

A comparison of cost-benefit analysis of biomass and natural gas CHP projects in Denmark and the Netherlands
Groth, T. & Scholtens, B. Feb 2016 In : Renewable Energy. 86, p. 1095-1102 8 p.
Research output: Contribution to journalArticle

Towards a theory of responsible investing: on the economic foundations of corporate social responsibility
Dam, L. & Scholtens, B. Aug 2015 In : Resource and Energy Economics. 41, p. 103-121
Research output: Contribution to journalArticle

Are international fund flows pro- or counter-cyclical?
Li, S., de Haan, J., Scholtens, B. & Yang, H. 24 Mar 2015 In : Applied Economics Letters. 22, 5, p. 378-384 7 p.
Research output: Contribution to journalArticle

ESG integration and the investment management process: fundamental investing reinvented
van Duuren, E., Plantinga, A. & Scholtens, B. 19 Mar 2015 In : Journal of Business Ethics.
Research output: Contribution to journalArticle

Power to the people: local community initiatives and the transition to sustainable energy
Van Der Schoor, T. & Scholtens, B. Mar 2015 In : Renewable and Sustainable Energy Reviews. 43, p. 666-675 10 p.
Research output: Contribution to journalArticle

Distributed energy generation techniques and the competitive fringe effect in electricity markets
Mulder, M., Petrikaitė, V. & Scholtens, B. 2015 In : Resource and Energy Economics. In press
Research output: Contribution to journalArticle

An empirical analysis of excess interbank liquidity: a case study of Pakistan
Omer, M., De Haan, J. & Scholtens, B. 2015 In : Applied Economics.
Research output: Contribution to journalArticle

Leading indicators of currency crises: Are they the same in different exchange rate regimes?
Zhao, Y., de Haan, J., Scholtens, B. & Yang, H. 1 Nov 2014 In : Open Economies Review. 25, 5, p. 937-957 21 p.
Research output: Contribution to journalArticle

Corporate social responsibility policies of commercial banks in developing countries
Hu, V. & Scholtens, B. Jul 2014 In : Sustainable Development. 22, 4, p. 276–288 10 p.
Research output: Contribution to journalArticle

Carbon prices and firms' financial performance: An industry perspective
Scholtens, B. & Van Der Goot, F. 2014 In : Carbon Management. 5, 5-6, p. 491-505 15 p.
Research output: Contribution to journalArticle

The Relationship between European Electricity Markets and Emission Allowance Futures Prices in Phase II of the EU Emission Trading Scheme
Scholtens, B. & Boersen, A. 2014 In : Energy. 74, p. 585-594 10 p.
Research output: Contribution to journalArticle

Testing uncovered interest rate parity using LIBOR
Scholtens, B., de Haan, J. & Omer, M. 2014 In : Applied Economics. 46, 30, p. 3708-3723 16 p.
Research output: Contribution to journalArticle

Sudden stops and currency crashes
Scholtens, B., de Haan, J., Zhao, Y. & Yang, H. 2014 In : Review of International Economics. 22, 4, p. 660-685 26 p.
Research output: Contribution to journalArticle

Modeling Natural Gas Price Volatility: The Case of the UK Gas Market
Scholtens, B. & van Goor, H. 2014 In : Energy. 72, p. 126-134 9 p.
Research output: Contribution to journalArticle

Indicators of responsible investing
Scholtens, B. 2014 In : Ecological Indicators. 36, p. 382-385 4 p.
Research output: Contribution to journalArticle

Not Under Our Back Yards? A case study of social acceptance of the Northern Netherlands CCS initiative
van Os, H. W. A., Herber, R. & Scholtens, B. 2014 In : Renewable and Sustainable Energy Reviews. 30, p. 923 - 942
Research output: Contribution to journalArticle

Ownership Concentration and CSR Policy of European Multinational Enterprises
Dam, L. & Scholtens, B. Nov 2013 In : Journal of Business Ethics. 118, 1, p. 117-126 10 p.
Research output: Contribution to journalArticle

The impact of renewable energy on electricity prices in the Netherlands
Mulder, M. & Scholtens, B. Sep 2013 In : Renewable Energy. 57, p. 94-100 7 p.
Research output: Contribution to journalArticle

The drivers of responsible investment: The case of European pension funds
Sievanen, R., Rita, H. & Scholtens, B. Sep 2013 In : Journal of Business Ethics. 117, 1, p. 137-151 15 p.
Research output: Contribution to journalArticle

Drivers of Socially Responsible Investing: A Case Study of Four Nordic Countries
Scholtens, B. & Sievänen, R. Jul 2013 In : Journal of Business Ethics. 115, 3, p. 605-616 12 p.
Research output: Contribution to journalArticle

The relationship between the Renminbi future spot return and the forward discount rate
Zhao, Y., de Haan, J., Scholtens, B. & Yang, H. Feb 2013 In : Journal of International Money and Finance. 32, p. 156-168
Research output: Contribution to journalArticle

Earnings management and CSR in Asia
Kang, F-C. & Scholtens, B. 2013 In : Corporate Social Responsibility and Environmental Management. 20, 1, p. 95-112
Research output: Contribution to journalArticle

The impact of earthquakes on the domestic stock market
Scholtens, B. & Voorhorst, Y. 2013 In : Earthquake Spectra. 29, p. 1-13
Research output: Contribution to journalArticle

Drivers of responsible investment in the Nordic countries
Scholtens, B. & Sievänen, R. 2013 In : Journal of Business Ethics. 115, 3, p. 605-616
Research output: Contribution to journalArticle

The relationship between size, growth and profitability of commercial banks
Shehzad, C., de Haan, J. & Scholtens, B. 2013 In : Applied Economics. 45, p. 1751-1765
Research output: Contribution to journalArticle

The liquidity of energy stocks
Sklavos, K., Dam, L. & Scholtens, B. 2013 In : Energy Economics. 38, p. 168-175
Research output: Contribution to journalArticle

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”
Hoepner, A. G., Kant, B., Scholtens, B. & Yu, P-S. 2013 In : Ecological Economics. 89, p. 174-176
Research output: Contribution to journalArticle

Oil price shocks and European industries
Scholtens, B. & Yurtsever, C. Jul 2012 In : Energy Economics. 34, 4, p. 1187-1195
Research output: Contribution to journalArticle

Does ownership type matter for corporate social responsibility?
Dam, L. & Scholtens, B. May 2012 In : Corporate Governance: An International Review. 20, 3, p. 233-252
Research output: Contribution to journalArticle

Environmental and ecological economics in the 21st century: An age adjusted citation analysis of the influential articles, journals, authors and institutions
Hoepner, A. G., Kant, B., Scholtens, B. & Yu, P-S. May 2012 In : Ecological Economics. 77, p. 193-206
Research output: Contribution to journalArticle

The curse of the haven: The impact of multinational enterprise on environmental regulation
Dam, L. & Scholtens, B. 2012 In : Ecological Economics. 78, p. 148-156
Research output: Contribution to journalArticle

 

Papers

Environmental, Social and Governance (ESG) performance and sovereign bond spreads: an empirical analysis of OECD countries
Capelle-Blancard, G., Crifo, P., Oueghlissi, R. & Scholtens, L. J. R. 7 Mar 2017 Paris, p. 1-56 56 p.(EconomiX Working Papers; vol. 2017, no. 7)
Research output: Working paper

 

Other publications

"Is the concept of a green economy a useful way of framing policy discussions and policymaking to promote sustainable development?"
Fulai, S., Flomenhoft, G., Downs, T. J., Grande-Ortiz, M., Graef, D., Scholtens, B., Mol, A. P. J., Sonnenfeld, D. A., Spaargaren, G., Goel, R. K., Hsieh, E. W. T., Scrieciu, S., Steurer, R., Polzin, C., Kostka, G., Ancev, T., Pirgmaier, E., Boons, F., Robèrt, K. H., Bryant, C., Zhou, K., Acharya, S. R., Huberman, D., Sonwa, D. J., Mycoo, M., Guan, D., Hubacek, K., Sumaila, U. R., Lopez-Ruiz, H. G., Jolley, G. J., Dougherty, M. L., Pilon, A. F., Prakash, R., Tambunan, T. & Hermann, S. Feb 2011 In : Natural Resources Forum. 35, 1, p. 63-72 10 p.
Research output: Contribution to journalComment/debate

What would be the three key preconditions for jumpstarting or scaling up the transfer of environmentally sound technologies for climate change to developing countries?
Mog, J., Kersten, W., Rahaman, M. M., Keskinen, M., Downs, T. J., Wahid, S., Martins, R. D. A., Connor, H., Williamson, L. E., Moezzi, M., Houri, A., Kumar, B., Hiremath, R. B., Scholtens, B., Ajayi, O. C., Akinnifesi, F. K., Sileshi, G. & Somorin, O. A. Nov 2009 In : Natural Resources Forum. 33, 4, p. 334-337 4 p.
Research output: Contribution to journalComment/debate