Prof. Dr. Beat Affolter

Work at ZHAW

Position

• Professor of Corporate Finance (focus Sustainability & Innovation)
• Head Center Corporate Performance and Sustainable Financing
• Programme Director CAS Corporate Finance & Mergers and Acquisitions and CAS Corporate Finance & Sustainability

Focus

• Sustainable Financing
• Innovation in Corporate Finance
• Foreign exchange and interest rate risk management
• Mezzanine Finance
• Corporate valuation and corporate valuation (focus real options, valuing flexibility)
• Capital structure and financing policy
• Corporate Finance

Teaching

• Lecturer at Universtiy of Zurich and Universtiy of Lucerne
• Module Finance & Asset Pricing (Master Accounting & Controlling)
• Module Corporate Finance & Financial Modeling (Master Accounting & Controlling)

Network

Membership of networks

• Green Fintech Network (Board Member)
• Platform Leader Sustainable Finance Education (Swiss Sustainable Finance)
• European Institute of Quantitative Finance (Advisory Board Member)
• Board Member Selam Charity Switzerland
• PRME Committee ZHAW SML (UN Principles of Responsible Management Education)
• Innovation Booster Sustainable Digital Finance (Jury Member)
• Mitglied Expertengruppe WWF Retailbanken Rating

Social media

Linkedin

Projects

• Blockchain-Enabled Financing of Supply Chains / Team member / ongoing
• Sustainable Digital Finance / Co-project leader / ongoing
• Blockchain-Enabled Sustainable Financing / Team member / completed
• Steward-Ownership Aligned Financing / Project leader / completed
• CRP Toolkit: Exploring the Potential for Carbon Removal Portfolio Optimization / Project leader / completed
• Integration of sustainability assessment in SME financing / Team member / completed
• Tokenized Voluntary Carbon Offsetting Mechanism for Accelerated Adoption / Team member / completed
• Sustainable Lending / Project leader / completed
• Quantitative decision model for sustainable corporate financing / Deputy project leader / completed
• Sustainability Reporting / Team member / completed
• A standardized Sustainable Energy Finance solution for SMEs’ implementation of low-carbon energy solutions / Team member / completed
• Development of a quantiative framework for a sustainable financing policy / Project leader / completed
• Decentralized financing of Fairtrade producers using a blockchain-based solution / Project leader / completed
• Blockchain-based model to enhance the financing of fairtrade producers / Project leader / completed
• Modeling and pricing of participating loans in the context of crowdlending / Co-project leader / completed

Publications

Articles in scientific journal, peer-reviewed

• Affolter, B., Ferrari, N. and Streichenberg, U. (2025) 'Nachhaltigkeit und die Wahl zwischen Kapital- und Bankmarktfinanzierung', Expert Focus, 2025(4), pp. 140–147.
• Affolter, B. et al. (2024) 'Signaling sustainability : differential reaction of the stock market following the announcement of sustainability-linked bonds', Finance Research Letters, 63(105261). doi: 10.1016/j.frl.2024.105261.
• Schweizer, A., Röthlisberger, P. and Affolter, B. (2022) 'Nachhaltigkeit in der Fremdfinanzierung : aktuelle Entwicklungen am Kapital- und Bankenmarkt und erwarteter Einfluss auf KMU', Expert Focus, 2022(12), pp. 604–611.
• Affolter, B., Mostowfi, M. and Rüffieux, T. (2021) 'IPO Performance und Grösseneffekte : eine Untersuchung der Börsengänge aus der DACH-Region', Corporate Finance, 2021(5-6), pp. 152–157.
• Affolter, B. et al. (2020) 'Quo Vadis, Schweizer Nachhaltigkeitsberichterstattung? : auf dem Weg zu einem Swiss Code of Sustainability Reporting', Expert Focus, 2020(9), pp. 630–635.
• Affolter, B., Mostowfi, M. and Rüffieux, T. (2020) 'Investitions- und Ausschüttungsverhalten kotierter Schweizer Unternehmen : eine empirische Untersuchung von 101 Unternehmen zwischen 2001 und 2018', Expert Focus, 2020(1-2), pp. 31–36. doi: 10.21256/zhaw-19447.
• Affolter, B. and Mostowfi, M. (2019) 'Auswirkungen der Niedrigzinsphase auf die Unternehmensfinanzierung in der Schweiz', Expert Focus, 2019(8), pp. 576–583. doi: 10.21256/zhaw-18146.
• Affolter, B., Capaul, D. and Vettiger, P. (2018) 'Integrales Währungsrisikomanagement bietet Chancen für KMU', Expert Focus, 2018(8), pp. 546–552. doi: 10.21256/zhaw-3984.
• Nagel-Jungo, G. and Affolter, B. (2016) 'Nachhaltigkeitsberichterstattung bei Banken', Zeitschrift für internationale Rechnungslegung, 2016(11), pp. 475–480.
• Nagel-Jungo, G. and Affolter, B. (2016) 'Nachhaltigkeitsberichterstattung im Rahmen integrierter Berichterstattung', Zeitschrift für internationale Rechnungslegung, 2016(10), pp. 427–433.

Book chapters, peer-reviewed

Jordan, N. et al. (2023) 'The role of fintech in the field of sustainability and financing', in Walker, T. et al. (eds) Fintech and Sustainability. Cham: Palgrave Macmillan, pp. 169–190. doi: 10.1007/978-3-031-40647-8_9.

Other publications

• Affolter, B. and Meyer, D. (2026) 'Warum mehr Eigenkapital Kredite nicht teurer macht', Finanz und Wirtschaft. Available at: https://www.fuw.ch/warum-mehr-eigenkapital-kredite-nicht-teurer-macht-561967460890.
• Schweizer, A. et al. (2025) Swiss Sustainable Lending Market Study 2025. Zurich: Swiss Sustainable Finance. Available at: https://www.sustainablefinance.ch/api/rm/5MB47MF927672DA/ssf-pub-lending-market-study-2025-en.pdf.
• Schweizer, A. et al. (2024) Swiss Sustainable Lending Market Study 2024. Zurich: Swiss Sustainable Finance. Available at: https://www.sustainablefinance.ch/api/rm/2JBRP6T3C224NS2/ssf-lending-market-study-en-final.pdf.
• Meyer, J. and Affolter, B. (2023) Do sustainable companies receive more debt? : the role of sustainability profiles and sustainability-related debt instruments. SSRN. doi: 10.2139/ssrn.4545549.
• Affolter, B. (2022) 'Chancen und Risiken einer steigenden Bedeutung von Nachhaltigkeit für die Unternehmensfinanzierung', Recht relevant. für Verwaltungsräte, 2022(2), pp. 2–4.
• Schweizer, A. et al. (2022) KMU ZH Monitor 2022. Zürcher Kantonalbank. Available at: https://www.zkb.ch/media/zkb/dokumente/publikationen/kmu-zh-monitor-2022.pdf.
• Affolter, B. et al. (2022) Nachhaltigkeit in der Kreditfinanzierung. Zürich: Swiss Sustainable Finance. doi: 10.21256/zhaw-25418.
• Schweizer, A. et al. (2021) KMU ZH Monitor 2021. Zürcher Kantonalbank. Available at: https://www.zkb.ch/media/dokumente/publikationen/kmu-zh-monitor-2021.pdf.
• Affolter, B. (2020) 'Innovative Unternehmensfinanzierung', Competence, 2020, pp. 24–25. doi: 10.21256/zhaw-24114.
• Affolter, B. and Seiler, A. (2020) 'Ein Stresstest für Schweizer Immobiliengesellschaften', Finanz und Wirtschaft, 2020(50), p. 9.
• Braun, M., Kessler, E. and Affolter, B. (2019) 'Renminbi-Hub Schweiz: enttäuschte Hoffnungen?', Die Volkswirtschaft, 2019(1-2), pp. 26–29. Available at: https://dievolkswirtschaft.ch/content/uploads/2018/12/DV_12-2019_DE_low-1.pdf.
• Braun, M., Kessler, E. and Affolter, B. (2019) 'Renminbi-Hub Switzerland : dashed hopes?', Swiss-Chinese Chamber of Commerce, pp. 1–4. Available at: http://cn.swisscham.org/sites/default/files/RMB%20Hub%20in%20Switzerland.pdf.
• Affolter, B., Danzeisen, M. and Möhr, A. (2018) 'Währungsprognosen bewähren sich nicht', Die Volkswirtschaft, 2018(8-9), pp. 56–58. Available at: https://dievolkswirtschaft.ch/content/uploads/2018/07/18_Affolter_Danzeisen_DE.pdf.
• Danko, F. and Affolter, B. (2018) 'Intermediäre sind gefordert', Finanz und Wirtschaft, 2018(Sonderband April), p. 19. Available at: https://www.fuw.ch/wp-content/uploads/2018/04/fuw_privatebanking_28.04.2018_neu.pdf.
• Nagel, G. and Affolter, B. (2016) 'Währungseffekte hinterlassen tiefe Spuren', Finanz und Wirtschaft, 2016(41), p. 14. Available at: https://www.fuw.ch/article/waehrungseffekte-hinterlassen-tiefe-spuren/.

Oral conference contributions and abstracts

• Affolter, B. (2022) 'Wirkung von Ausschlusskriterien in der Finanzierung', in Policy-Sprint Klimapositiver Finanzplatz, Bern, Schweiz, 6. September 2022.
• Affolter, B. (2022) 'Nachhaltigkeit in der Kreditfinanzierung', in VSKB Präsidententagung, Pontresina, Schweiz, 9. Juni 2022.
• Affolter, B. (2022) 'Nachhaltigkeit in der Kreditfinanzierung', in Sustainable Lending Report Launch Event, Zürich, Schweiz, 24. Mai 2022.
• Affolter, B. (2022) 'Enhancing fairtrade financing through blockchain', in Point Zero Forum, Zurich, Switzerland, 21-23 June 2022.
• Affolter, B. (2022) 'Nachhaltigkeit in der Finanzierung – wo stehen wir?', in Gemeinwohl-Ökonomie Tagung, Zürich, Schweiz, 9. November 2022.
• Affolter, B. (2022) 'Fintech-enabled sustainability : cutting-edge research meets practice', in Point Zero Forum, Zurich, Switzerland, 21-23 June 2022.
• Affolter, B. (2021) 'Sustainable finance : the role of innovation in financing', in BSL Investment Club, Lausanne, 24 June, 2021.
• Bärtschi, H. et al. (2019) 'Tokens from a corporate finance & legal perspective : trust square lecture series', in Trust Square Lecture Series - Tokens from a Corporate Finance & Legal Perspective, Zürich, 8 July 2019.
• Affolter, B. (2018) 'Wie gut funktionieren Währungs- und Zinsprognosen?', in Pensionskassenforum 2018, Zürich, 13. November 2018.
• Affolter, B. (2018) 'Frankenstärke aus KMU-Sicht', in FX Veranstaltung, Zürich, 29. November 2018.
• Affolter, B. (2017) 'Bedeutung von Kapitalkosten und strategischer Flexibilität für die Bewertung von Kraftwerksanlagen', in KWO Fachtagung: Kapitalkosten und strategische Flexibilität, Guttannen, 19. Oktober 2017.

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