Research Associate (Finance)
Cambridge Centre for Finance (CCFin)/Cambridge Endowment for Research in Finance (CERF)
Research Associate at St John’s College
BA (University of Freiburg), BSc, MA, PhD (Goethe University Frankfurt)
My research interests are in empirical corporate finance and law and finance. I study how legal institutions and property rights shape firms’ access to finance and financial contracting. In particular, I am interested in how the legal environment affects firms’ ability to raise debt, the supply and allocation of credit, and ultimately real economic activity. I investigate these questions using detailed administrative and financial data and quasi-natural experiments.

Publications
Selected publications
- Ciaramella, L., Heller, D. and Leitzinger, L. (2026) “Securing debt in the knowledge economy: evidence from intellectual property registers.” Journal of Financial and Quantitative Analysis (DOI: 10.1017/S002210902610310X) (published online Jun 2026)
- Heller, D., Leitzinger, L. and Walz, U. (2024) “Intellectual property as business loan collateral: a taxonomy of institutional and economic determinants.” GRUR International, 73(5): 379-392 (DOI: 10.1093/grurint/ikae043)
Awards and honours
- Best Paper Award, IOEA, 2026
- Best Full Paper Award, PWD Workshop (Birkbeck), 2021

