Prof. Dr. Tobias Tröger, LL.M.

Bereich:

Law and Finance

Position:

Director Cluster "Law and Finance", Professor

Institution:

SAFE/Goethe University

Forschungsschwerpunkt (e):

Banking Regulation, Banking Law, Capital Markets and Securities Law, Company Law, Contract Law, Corporate Governance, Corporate Law, Securities Regulation

Tobias Tröger holds the SAFE Chair of Private Law, Trade and Business Law, Jurisprudence at Goethe University Frankfurt am Main. He is Director of the Law and Finance Cluster at the Leibniz Institute for Sustainable Architecture for Finance in Europe SAFE, Director of the Center for Advanced Studies on the Foundations of Law and Finance LawFin, and a research member of the ECGI.

His research interests include corporate law (particularly, comparative corporate governance and corporate finance), banking regulation and the economic analysis of law. Tobias Tröger aspires to connect the methods of quantitative analysis with an in-depth understanding of institutions and their evolution to achieve an innovative cross-pollination of law and finance.

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Declaration of Disclosure

Selected Publications

Forscher/innen	Titel	Bereich	Publiziert
Florian Heider, Jan Pieter Krahnen, Loriana Pelizzon, Jonas Schlegel, Tobias Tröger	Die Notwendigkeit einer Absicherung aller Sichteinlagen: Der Fall der Silicon Valley Bank und Lehren für Europa Vierteljahrshefte zur Wirtschaftsforschung	Financial Intermediation, Law and Finance, Financial Markets	2023
Tobias Tröger	§§ 118-120a AktG in Noack, and Zöllner (eds.), Kölner Kommentar zum AktG, Band 9/1, 4th ed.	Law and Finance	2022
Tobias Tröger	Better Integration of Chemical Pollution Research will Further Our Understanding of Biodiversity Loss Nature Ecology & Evolution	Law and Finance	2023
Tobias Tröger	Wie misst man die Nachhaltigkeit des Rechts? – Von der ökonomischen zur ökologischen Analyse des Rechts in Kramme, and Ponholzer (eds.), Nachhaltigkeit im Spiegel des Rechts. Schriftenreihe Recht und Nachhaltigkeit (RuN), Vol. 2	Law and Finance	2024
Rainer Haselmann, Sebastian Steuer, Tobias Tröger	Gas and Nuclear Power as Transition Technologies – What does this Mean for Investments EconPol Forum Climate Change: Greening the Economy by Green Finance?	Law and Finance	2023
Tobias Tröger	BGH v. vom 9.1.2024 – II ZB 20/22 WuB - Entscheidungsanmerkungen zum Wirtschafts- und Bankrecht	Law and Finance	2024
Anastasia Kotovskaia, Tobias Tröger	National Interests and Supranational Resolution in the European Banking Union European Business Law Review	Financial Intermediation, Law and Finance, Financial Markets	2023
Irene Mecatti, Tobias Tröger	Who Should Hold Bail-Inable Debt and How can Regulators Police Holding Restrictions Effectively? Rivista Italiana di Diritto Pubblico Comunitario	Law and Finance	2023
Tobias Tröger	Impfung statt Schlangenöl Juristische Arbeitsblätter	Law and Finance	2022
Tobias Tröger	Die fehlerhafte Gesellschaft in H. P. Westermann, J. Wertenbruch (eds.), Handbuch der Personengesellschaften (Dr. Otto Schmidt KG)	Law and Finance	2022
Tobias Tröger	Capital Buffers for Systemically Important Banks and Systemic Risk Buffer in B. Joosen, M. Lamandini, and T. Tröger (eds.), Capital and Liquidity Requirements for European Banks. Oxford EU Financial Regulation. (Oxford University Press)	Law and Finance	2022
Tobias Tröger	Qualitative Capital Requirements and their Relationship with MREL/TLAC in B. Joosen, M. Lamandini, and T. Tröger (eds.), Capital and Liquidity Requirements for European Banks. Oxford EU Financial Regulation. (Oxford University Press)	Law and Finance	2022
Tobias Tröger	§ 5 Die Gesellschafter und ihre Rechtsstellung in H. P. Westermann, J. Wertenbruch (eds.), Handbuch Personengesellschaften, 4th ed. (Dr. Otto Schmidt KG)	Law and Finance	2025
Tobias Tröger	§ 6 Die Entstehung der Personenhandelsgesellschaft im Außenverhältnis in H. P. Westermann, J. Wertenbruch (eds.), Handbuch Personengesellschaften, 4th ed. (Dr. Otto Schmidt KG)	Law and Finance	2025
Tobias Tröger	BGH 08.07.2025 - II ZR 137/23: Keine analoge Anwendung des § 179a AktG auf Publikums-KG Neue Zeitschrift für Gesellschaftsrecht (NZG)	Law and Finance	2025
Tobias Tröger	Keine private Durchsetzung der Preisregeln im Übernahmerecht: Besprechung des Urteils des BGH vom 23.11.2021 – II ZR 312/19 („Celesio II“) Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR)	Law and Finance	2022
Tobias Tröger	Anm. zu BGH v. 15.2.2022 - II ZR 235/20: Keine analoge Anwendung von § 179a AktG auf die Kommanditgesellschaft WuB - Entscheidungsanmerkungen zum Wirtschafts- und Bankrecht	Law and Finance	2022
Tobias Tröger	Anm. zu BGH v. 14.11.2023 – XI ZR 88/23: Kündigung eines Prämiensparvertrags nach Erreichen der höchsten Prämienstufe Zeitschrift für Bank- und Kapitalmarktrecht (BKR)	Law and Finance	2024
Julian Greth, Tobias Tröger	Anm. zu BGH v. 5.10.2023 – III ZR 216/22: Transparenzanforderungen an Vergütungsklauseln in Anlagebedingungen WuB - Entscheidungsanmerkungen zum Wirtschafts- und Bankrecht	Law and Finance	2024
Tobias Tröger	§ 29 Aufsichtsratsüberwachung und -zustimmung bei Geschäften mit nahestehenden Personen (Related Party Transactions) (§§ 107 III 4-6, 111a-111c AktG) in P. Hommelhof, K. J. Hopt, and P. C. Leyens (eds.), Unternehmensführung durch Vorstand und Aufsichtsrat	Law and Finance	2024
Tobias Tröger	§ 18 Vorstandspflichten zur Erfassung von Geschäften mit nahestehenden Personen (Related Party Transactions) (§ 111a AktG) in P. Hommelhof, K. J. Hopt, and P. C. Leyens (eds.), Unternehmensführung durch Vorstand und Aufsichtsrat	Law and Finance	2024
Tobias Tröger	Hauptversammlungskrisen im Aktienrecht in T. Florstedt, and N. Vervessos (eds.), Wirtschaftsrecht in Zeiten der Krise	Law and Finance	2024
Tobias Tröger	Too Complex to Work – A Critical Assessment of the Bail-in Tool under the European Bank Recovery and Resolution Regime Journal of Financial Regulation	Financial Intermediation	2018
Tobias Tröger	Corporate Groups – A German’s European Perspective in H. Fleischer, J. L. Hansen, and W. G. Ringe (eds.), German and Nordic Perspectives on Company Law and Capital Markets Law (Mohr Siebeck)	Law and Finance	2015
Tobias Tröger, Uwe Walz	Does Say on Pay Matter? Evidence from Germany European Company and Financial Law Review	Law and Finance, Transparency Lab	2019
Tobias Tröger	Regulatory Influence on Market Conditions in the Banking Union European Business Organization Law Review	Financial Intermediation	2015
Luca Enriques, Tobias Tröger	The Law and Finance of Related Party Transactions Cambridge University Press	Law and Finance	2019
Matthias Thiemann, Tobias Tröger	Detecting Tail Risks to Preclude Regulatory Arbitrage - The Case for a Normatively Charged Approach to Regulating Shadow Banking Accounting, Economics, and Law: A Convivium	Law and Finance	2020
Sebastian Steuer, Tobias Tröger	The Role of Disclosure in Green Finance Journal of Financial Regulation	Law and Finance	2022
Bart P.M. Joosen, Tobias Tröger	Capital and Liquidity Requirements for European Banks Oxford University Press	Law and Finance	2022
Rainer Haselmann, Tobias Tröger	When and How to Unwind COVID-Support Measures to the Banking System? in C. Gortsos, and W.-G. Ringe (eds.), Financial Stability amidst the Pandemic Crisis: On Top of the Wave	Financial Intermediation, Law and Finance	2021
Benedikt Happ, Tobias Tröger	Beschlussmängelrecht nach dem MoPeG: Bestandsaufnahme, Kritik und Fortentwicklung Zeitschrift für Wirtschaftsrecht	Law and Finance	2021
Tobias Tröger	Personelle Reichweite aktienrechtlicher Stimmverbote bei Aktionärsgruppen mit einheitlicher Interessenausrichtung Festschrift für Barbara Grunewald	Law and Finance	2021
Benedikt Happ, Tobias Tröger	Unzulängliche Institutionenbildung im Beschlussmängelrecht der Personengesellschaft Neue Zeitschrift für Gesellschaftsrecht	Law and Finance	2021
Tobias Tröger	Why MREL Won’t Help Much: Minimum Requirements for Bail-In Capital as an Insufficient Remedy for Defunct Private Sector Involvement Under the European Bank Resolution Framework Journal of Banking Regulation	Law and Finance	2019
Tobias Tröger	Regulation of Crowdfunding in Germany in C. Kleiner (ed), Ius Comparatum - Global Studies in Comparative Law. Legal Aspects of Crowdfunding, Vol 55 (Springer)	Law and Finance	2021
Luca Enriques, Tobias Tröger	Germany’s Reluctance to Regulate Related Party Transactions: An Industrial Organization Perspective in L. Enriques, and T. H. Tröger (eds.), The Law and Finance of Related Party Transactions (Cambridge University Press)	Law and Finance	2019
Tobias Tröger	The Single Supervisory Mechanism – Panacea or Quack Banking Regulation? European Business Organization Law Review	Financial Intermediation	2014
Tobias Tröger	Vertragsrechtliche Fragen negativer Zinsen auf Einlagen Neue Juristische Wochenschrift	Financial Intermediation	2015
Tobias Tröger	A Political Economy Perspective on Common Supervision in the Eurozone in E. Faia, A. Hackethal, M. Haliassos, and K. Langenbucher (eds.), Financial Regulation: A Transatlantic Perspective (Cambridge University Press)	Financial Intermediation	2015
Tobias Tröger	How Special Are They? Targeting Systemic Risk by Regulating Shadow Banks in B. Lomfeld, A. Somma, and P. Zumbansen (eds.), Reshaping Markets Economic Governance, the Global Financial Crisis and Liberal Utopia (Cambridge University Press)	Financial Intermediation	2016

SAFE Working Papers

Nr.	Forscher/innen	Titel	Bereich
427	Gül Demirtaş, Christian Strenger, Tobias Tröger	Sustainability Skills Disclosure For Boards: An Essential Prerequisite For Assessing Sustainability Competence	Law and Finance
418	Ioannis Asimakopoulos, Tobias Tröger	Reform of the CMDI Framework – Driving Off With the Breaks On	Financial Intermediation, Law and Finance
384	Julian Greth, Alperen Afşin Gözlügöl, Tobias Tröger	The Oscillating Domains of Public and Private Markets	Law and Finance
379	Irene Mecatti, Tobias Tröger	Who Should Hold Bail-Inable Debt and How can Regulators Police Holding Restrictions Effectively?	Law and Finance
446	Luca Enriques, Casimiro Antonio Nigro, Tobias Tröger	Mandatory Corporate Law as an Obstacle to Venture Capital Contracting in Europe: Implications for Markets and Policymaking	Law and Finance
483	Luca Enriques, Casimiro Antonio Nigro, Tobias Tröger	Templates in the EU Inc. Regulation Proposal	Law and Finance
472	Tobias Tröger	Systematic Stewardship on the Waterbed	Law and Finance
450	Luca Enriques, Casimiro Antonio Nigro, Tobias Tröger	Can U.S. Venture Capital Contracts Be Transplanted into Europe? Systematic Evidence from Germany and Italy	Law and Finance
447	Vittoria Battocletti, Alfredo Desiato, Alessandro Romano, Chiara Sotis, Tobias Tröger	Climate Pledges and Greenwashing: Information Provision Does Not Work	Law and Finance
445	Luca Enriques, Casimiro Antonio Nigro, Tobias Tröger	Venture Capital Contracting as Bargaining in the Shadow of Corporate Law Constraints	Law and Finance
27	Tobias Tröger	The Single Supervisory Mechanism – Panacea or Quack Banking Regulation?	Financial Intermediation
109	Tobias Tröger	Regulatory Influence on Market Conditions in the Banking Union	Financial Intermediation
202	Tobias Tröger	Germany's Reluctance to Regulate Related Party Transactions	Law and Finance
184	Tobias Tröger	Remarks on the German Regulation of Crowdfunding	Financial Intermediation
260	Matthias Thiemann, Tobias Tröger	The Case for a Normatively Charged Approach to Regulating Shadow Banking - Multipolar Regulatory Dialogues as a Means to Detect Tail Risks and Preclude Regulatory Arbitrage	Financial Intermediation
179	Tobias Tröger	Too Complex to Work - A Critical Assessment of the Bail-in Tool under the European Bank Recovery and Resolution Regime	Financial Intermediation
180	Tobias Tröger	Why MREL Won't Help Much	Financial Intermediation
68	Tobias Tröger	How Special Are They? – Targeting Systemic Risk by Regulating Shadow Banking	Financial Intermediation
125	Tobias Tröger, Uwe Walz	Does Say on Pay Matter? Evidence from Germany	Law and Finance, Transparency Lab
199	Tobias Tröger	Regulation of Crowdfunding in Germany	Law and Finance
340	Anastasia Kotovskaia, Tobias Tröger	National Interests and Supranational Resolution in the European Banking Union	Financial Intermediation, Law and Finance, Financial Markets
320	Sebastian Steuer, Tobias Tröger	The Role of Disclosure in Green Finance	Law and Finance
66	Tobias Tröger	Corporate Groups	Law and Finance

SAFE Policy Publications

Forscher/innen	Titel	Publiziert
Florian Heider, Jan Pieter Krahnen, Loriana Pelizzon, Jonas Schlegel, Tobias Tröger	European lessons from Silicon Valley Bank resolution: A plea for a comprehensive demand deposit protection scheme (CDDPS) Policy Letter No. 98	2023
Ignazio Angeloni, Rainer Haselmann, Florian Heider, Loriana Pelizzon, Jonas Schlegel, Tobias Tröger	Can Banking Union foster market integration, and what lessons does that hold for capital markets union? White Paper No. 107	2024
Florian Heider, Jan Pieter Krahnen, Katja Langenbucher, Vincent R. Lindner, Jonas Schlegel, Tobias Tröger	The Geopolitical Case for CMU and Two Different Pathways Toward Capital Market Integration White Paper No. 102	2024
Tatiana Farina, Jan Pieter Krahnen, Irene Mecatti, Loriana Pelizzon, Jonas Schlegel, Tobias Tröger	Is there a ‘retail challenge’ to banks’ resolvability? What do we know about the holders of bail-inable securities in the Banking Union? White Paper No. 92	2022
Jannis Bischof, Rainer Haselmann, Tobias Tröger	Monitoring Complex Financial Instruments in Banks’ Balance Sheets White Paper No. 91	2022
Bero Gebhard, Tobias Tröger	Unicredit/Commerzbank: Anlass für Reformen im Übernahmerecht? Policy Letter No. 116	2026
Rainer Haselmann, Florian Heider, Luis Enrique Kaiser, Jonas Schlegel, Tobias Tröger	The Impact of Geopolitical Risks on the Resilience of Banks in the Banking Union (prepared at the request of the European Parliament) White Paper No. 115	2025
Bart P.M. Joosen, Juana Pulgar Ezquerra, Tobias Tröger	10 Years of Banking Union Case Law White Paper No. 105	2024
Rainer Haselmann, Jan Pieter Krahnen, Tobias Tröger, Mark Wahrenburg	Institutional Protection Schemes: What are their differences, strengths, weaknesses, and track records? White Paper No. 88	2022
Martin Götz, Tobias Tröger	Fines for Misconduct in the Banking Sector – What is the Situation in the EU? White Paper No. 47	2017
Martin Götz, Jan Pieter Krahnen, Tobias Tröger	Five Years after the Liikanen Report: What Have We Learned? White Paper No. 50	2017
Moritz Schularick, Sascha Steffen, Tobias Tröger	Bank capital and the European recovery from the COVID-19 crisis White Paper No. 69	2020
Martin Götz, Tobias Tröger, Mark Wahrenburg	The Next SSM Term: Supervisory Challenges Ahead White Paper No. 59	2019
Martin Götz, Jan Pieter Krahnen, Tobias Tröger	Taking Bail-in Seriously - The Looming Risks for Banking Policy in the Rescue of Monte dei Paschi di Siena Policy Letter No. 54	2017
Martin Götz, Tobias Tröger	Should the Marketing of Subordinated Debt be Restricted/Different in One Way or the Other? What to do in the Case of Mis-selling? White Paper No. 35	2016
Katja Langenbucher, Lara Milione, Andreas Roth, Tobias Tröger	EU Mapping 2017: Systematic Overview on Economic and Financial Legislation White Paper No. 49	2017
Tobias Tröger	How Not To Do Banking Law in the 21st Century Policy Letter No. 56	2017
Rainer Haselmann, Tobias Tröger	What are the main differences between the practice of supervising large banks in the UK and in the euro area, and what are the main risks of regulatory divergence? White Paper No. 86	2021
Rainer Haselmann, Tobias Tröger	When and how to unwind COVID-support measures to the banking system? White Paper No. 83	2021
Tobias Tröger	Negative Zinsen auf Einlagen – Juristische Hindernisse und ihre wettbewerbspolitischen Auswirkungen Policy Letter No. 40	2015
Volker Brühl, Helmut Gründl, Andreas Hackethal, Hans-Helmut Kotz, Jan Pieter Krahnen, Tobias Tröger	Comments on the EU Commission’s Capital Markets Union Project White Paper No. 27	2015
Tobias Tröger	Der einheitliche Abwicklungsmechanismus – Europäisches Allheilmittel oder weiße Salbe? Policy Letter No. 14	2013

Ongoing Projects

Forscher/innen	Projekt	Finanziert von
Julian Greth, Alperen Afşin Gözlügöl, Tobias Tröger	The Oscillating Domains of Private and Public Markets	SAFE
Cara Maria Damm, Hendrik Drachsler, Oliver Hinz, Kristian Kersting, Loriana Pelizzon, Gernot Rohde, Yee Lee Shing, Sebastian Steuer, Tobias Tröger, Josephine Ann Uhlig	From Machine Learning to Machine Teaching – Making Machines AND Humans Smarter (ML2MT)	Volkswagen Stiftung

Completed Projects

Forscher/innen	Projekt	Finanziert von
Elsa Massoc, Tobias Tröger	Crises, Anti-Finance Opinions and Populisms in Europe	SAFE
Rainer Haselmann, Casimiro Antonio Nigro, Tobias Tröger	Foundations of Law and Finance	DFG
Andreas Engert, Alperen Afşin Gözlügöl, Tobias Tröger	Gauging the Impact of Related Party Transactions in Europe	SAFE
Luca Enriques, Tobias Tröger	The Law and Finance of Related Party Transactions: A Comparative Analysis	LOEWE
Ivelina Dimitrova, Martin Götz, Dominic Hirschbühl, Theresa Kreft, Tobias Tröger, Gerrit Tönningsen	Bail-In Tracker	Volkswagen Stiftung

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