Prof. Dr. Thomas Kaspereit

Thomas Kaspereit

Associate professor in Financial Accounting

Faculté ou Centre Faculté de Droit, d'Économie et de Finance
Department Département Sciences économiques et gestion
Adresse postale Campus Kirchberg, Université du Luxembourg
6, rue Richard Coudenhove-Kalergi
L-1359 Luxembourg
Bureau sur le campus G 104
Téléphone (+352) 46 66 44 6728

Research Interests 

International Financial Reporting Standards, Corporate Governance, Accounting Choices

For prospective PhD candidates: If positions become available, they will be posted on the job portal Unsolicited applications will not be processed.

Thomas Kaspereit has been Associate Professor in Financial Accounting at the University of Luxembourg since September 2016.

He graduated in Business Administration at the University of Oldenburg, Germany (2007) and got a doctoral degree from the same university (2013). His doctoral thesis studied the effect of corporate sustainability and sustainability disclosure on the market value of firms. In 2019, he was awarded the venia legendi in Business Administration at the University of Oldenburg.

Thomas held post doc positions at the University of Oldenburg and John Molson School of Business (Canada, 2015-2016). Thomas Kaspereit made scientific visits to Concordia University (2012-2013) and New York University (September 2014).

Last updated on: mardi 19 avril 2022



  • August 2009: Master in Business Administration, University of Oldenburg
  • Master Thesis: The Information Content of Accouting Information
  • August 2013: Doctoral Thesis, University of Oldenburg
    Doctoral Thesis: Essays on the effect of corporate sustainability and financial information on the market value of firms
  • August 2019: Venia legendi, University of Oldenburg
    Habilitation Defense: Environmental disclosures in the context of agency and voluntary disclosure theory


  • Visiting Scholar, Department of Finance, John Molson School of Business (Montreal, Canada)
  • Post doc, Department of Economics and Law, University of Oldenburg (Odlenburg, Germany)

Fields of Interest

  • International Financial Reporting Standards: Accounting conservatism, cost asymmetry, earnings management
  • Corporate Governance: Ownership structure, capital structure, CSR


  • Scholarship of the German Academic Exchange Service
  • Best paper award of the Armenian Economic Association (2016) with Suren Pakhchanyan, Kerstin Lopatta and Jörg Prokop

Last updated on: 04 jan 2021

  • 2020-present: Academic Thinking and Writing, University of Luxembourg (Bachelor)
  • 2016-present: Financial Accounting Theory, University of Luxembourg (Master)
  • 2016-present: Empirical Accounting and Audit Research, University of Luxembourg (Master)
  • 2016: Corporate Governance and Executive Compensation, Concordia University (Master)
  • 2015-2016: Investment Analysis, Concordia University (Bachelor)
  • 2009-2016: Empirical Methods in Management and Financial Accounting Research, University of Oldenburg (Master)
  • 2010-2015: Financial Accounting, University of Oldenburg (Bachelor)
  • 2013-2015: International Accounting and Auditing, University of Oldenburg (Bachelor)
  • 2011-2013: Investment Theory, University of Oldenburg (Bachelor and Master)
  • 2014-2015: Financial Accounting, Jacobs University (Bachelor)
  • 2012-2013: Financial Statements FOM, University of Applied Sciences Bremen (Bachelor)
  • 2011: Controlling, Bremen Business School (Bachelor)

Last updated on: 11 jan 2021

His main research interest focus on Financial Accounting, in particular corporate governance and finance related issues. A central aspect of his interest is to measure effects of accounting choices on stock prices, i.e. he quantifies the decision usefulness of accounting and sustainability information.

His work has been published in international journals such as Journal of Business Ethics, Business and Society and Corporte Governance: An International Review.

Research Seminar Pelzerhaken 2017

Last updated on: 26 juin 2017

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See detailThe capital market impact of Blackrock’s thermal coal divestment announcement
Bassen, Alexander; Kaspereit, Thomas; Buchholz, Daniel

in Finance Research Letters (in press)

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See detailFinancial performance and safety in the aviation industry
Farnia, Pedram; Kaspereit, Thomas; Walker, Thomas; Xu, Sizhe

in International Journal of Managerial Finance (in press)

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See detailThe effect of institutional dual holdings on CSR performance
Lopatta, Kerstin; Bassen, Alexander; Kaspereit, Thomas; Tideman, Sebastian; Buchholz, Daniel

in Journal of Sustainable Finance and Investment (in press)

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See detailThe moderating role of CEO sustainability reporting style in the relationship between sustainability performance, sustainability reporting, and cost of equity
Lopatta, Kerstin; Kaspereit, Thomas; Tideman, Sebastian; Rudolf, Anna R.

in Journal of Business Economics (2022), 92

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See detailManagerial style in cost asymmetry and shareholder value
Lopatta, Kerstin; Kaspereit, Thomas; Gastone, Laura

in Managerial and Decision Economics (2020), 41(5), 800-826

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See detailImproving predictions of upward cost adjustment and cost asymmetry at the firm-year level
Kaspereit, Thomas; Lopatta, Kerstin

in Journal of Management Accounting Research (2019), 31(3), 99-127

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See detailShareholder value implications of compliance with the German Corporate Governance Code
Kaspereit, Thomas; Lopatta, Kerstin; Onnen, Dennis

in Managerial and Decision Economics (2017), 38(2), 166-177

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See detailSystemic operational risk − Spillover effects of large operational losses in the European banking industry
Kaspereit, Thomas; Lopatta, Kerstin; Pakhchanyan, Suren; Prokop, Joerg

in Journal of Risk Finance (2017), 18(3),

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See detailInternational evidence on the relationship between insider and bank ownership and CSR performance
Lopatta, Kerstin; Jaeschke, Reemda; Canitz, Felix; Kaspereit, Thomas

in Corporate Governance: An International Review (2017), 25(1), 41-57

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See detailTitle: Board members in squeeze-out transactions: an event study analysis
Lopatta, Kerstin; Kaspereit, Thomas; Trenkle, Johann

in International Journal of Economics and Accounting (2017), 8(1), 43-60

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See detailThe information content of issuer rating changes: Evidence for the G7 stock markets
Hu, Haoshen; Kaspereit, Thomas; Prokop, Jörg

in International Review of Financial Analysis (2016), 47

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See detailThe value relevance of SAM’s corporate sustainability ranking and GRI sustainability reportingin the European stock markets
Kaspereit, Thomas; Lopatta, Kerstin

in Business Ethics : A European Review (2016), 25(1), 1-24

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See detailThe solar shakeout – Capital market reactions to bankrupcty announcements in the German solar industry
Kaspereit, Thomas; Lopatta, Kerstin

in Zeitschrift für Energiewirtschaft (2016), 40(3), 139-158

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See detailAsymmetric information and corporate social responsibility
Lopatta, Kerstin; Buchholz, Frerich; Kaspereit, Thomas

in Business and Society (2016), 55(3), 458-488

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See detailKritischer Vergleich der Wertminderungsmodelle nach IAS 39 und IFRS 9 - eine Fallstudie
Lopatta, Kerstin; Kaspereit, Thomas; Böttcher, Katarina; Geils, Christina

in Zeitschrift für internationale Rechnungslegung (2016), 11(12), 499-505

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See detailNeudefinition der Umsatzerlöse und Anpassung der Größenklassen gem. BilRUG
Lopatta, Kerstin; Kaspereit, Thomas; Gloger, Mario; Nordbrock, Michael

in Der Betrieb (2016), 26-27

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See detailDoes compliance with the German Corporate Governance Code pay off?: An investigation of the implied cost of capital
Kaspereit, Thomas; Lopatta, Kerstin; Zimmermann, Jochen

in Journal of Risk Finance (2015), 16(3), 344-376

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See detailAbschlussprüfung und Honorarabängigkeit - Eine empirische Untersuchung der Auswirkungen auf die Unabhängigkeit des Abschlussprüfers
Lopatta, Kerstin; Kaspereit, Thomas; Canitz, Felix; Maas, Thorben

in Betriebswirtschaftliche Forschung und Praxis (2015), 67(5), 563-588

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See detailThe world capital markets’ perception of sustainability and the impact of the financial crisis
Lopatta, Kerstin; Kaspereit, Thomas

in Journal of Business Ethics (2014), 122(3), 475-500

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See detailCorporate sustainability in asset pricing models and mutual funds performance measurement
Walker, Thomas; Lopatta, Kerstin; Kaspereit, Thomas

in Financial Markets and Portfolio Management (2014), 28(4), 363-407

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See detailSustainability reporting out of a prisoner’s dilemma
Kaspereit, Thomas

in Comby, J.; Eames, K.; Guiherý, L.; Gomez, J.; Öktem, A. (Eds.) Developing Sustainability (2013)

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See detailThe effect of the German Accounting Law Modernization Act (BilMoG) on the earnings quality of private firms
Lopatta, Kerstin; Kaspereit, Thomas; Jaeschke, Reemda; Stockem, Gesa

in Corporate Finance (2013), 5

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See detailNachhaltigkeitsberichterstattung als Instrument der Kapitalmarktkommunikation
Eiselt, Andreas; Kaspereit, Thomas

in KoR : internationale und kapitalmarktorientierte Rechnungslegung : IFRS (2010), 7-8

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See detailZum Einsatz von Residualgewinnmodellen post BilMoG – Nähert sich das Accounting Model dem Economic Model
Paetzmann, Karsten; Kaspereit, Thomas

in Journal of Management Control (2010), 20(4), 419-444

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