Clemens Lauer was a German 2023-2024 Fulbright Schuman Visiting Student Researcher in Accounting at Columbia University. He is a PhD student and research assistant at the Business Administration Department of Mannheim University, Germany, where he also completed his master’s degree in finance and accounting. He spent two semesters abroad, one at the University of Victoria, Canada and one at the St. Petersburg Graduate School of Management, Russia. After his master, Clemens gained two years of practical experience in the asset management industry before returning to academia.
Q: “Can you briefly describe your grant project?”
As part of my PhD at Mannheim University in Germany, I was invited to pursue a one-year research visit at Columbia Business School in New York City. During my time at Columbia, I participated in several PhD courses, presented my own research projects in the seminars and received valuable feedback, developed new research ideas with local PhD students and faculty members, and participated in several conferences. This research visit was supported by the Fulbright Schuman grant, which I am deeply grateful for.
Q: “How did you initially learn about the Fulbright Schuman Program, and what motivated you to apply?”
A friend of my parents was a Fulbright Scholar 35 years ago. He always talked about his very positive experiences from the program and encouraged me to apply for my studies. Further internet research convinced me that the program would provide perfect support and be an ideal way to delve into the academic and cultural exchange.
Q: “In what way is your specific field of research relevant to the transatlantic relationship?”
My research focuses on the effects of corporate financial reporting as well as ESG-related and financial regulation and how companies and in particular financial institutions respond to such regulation. In a current research project, I examine the consequences of minimum liquidity requirements for banks that were recently adopted both in the United States as well as in the European Union. Insights on such regulation and disclosure requirements are highly relevant for regulators and governments in order to develop regulation that works as intended and to ex-post evaluate and adapt existing regulation. This is especially important when it comes to regulation and disclosure requirements that are intended to fight climate change, probably the most urgent problems humanity is facing. In this regard, both the United States as well as the European Union are at the forefront and increasingly develop regulation that tries to push companies towards a greener conduct of business. Their economic power enables them to set global standards and jointly implement a level playing field for the economy. Here again, research insights are critical to develop effective and efficient regulation.
Q: “Has the United States been what you expected? In what ways has life in the USA surprised you, either for its similarities to or differences from your own culture?”
In general, I would say that New York City is more or less similar to major European cities, which is why the cultural shock was not too big. However, I also had the feeling that the United States is more extreme in several dimensions, for example, life in NYC is faster and to some extent restless (e.g. no Sunday closures as in Germany), technology is more advanced or at least faster in implementation (e.g. self-driving cars or delivery robots), wealth distribution is more extreme (e.g. sadly more homeless people). What I truly admired was the cultural mindset of “you can reach anything, you just have to start (today)”.
Q: “What has been your favorite “discovery” in the USA?”
The whole city of New York has been my favorite discovery. I have been to NYC before but I definitely got to know the city in a whole new way. The city just has so much to offer in terms of cultural attractions such as museums and concerts, culinary activities, attractions to visit, sport activities and events, comedy shows, etc. To pick one favorite within my favorite discovery, I would probably name the Metropolitan Museum of Art, which I visited a whole lot of times.
Q: ” In what ways has your experience in the USA this year impacted your plans for the future?”
Returning to Germany, I will finish my PhD studies within one year and afterwards start my professional career. I am convinced that the experiences and the contacts I made during my visit will be extremely valuable for my future career. What I will in particular take from the visit is the US spirit of “you can reach anything and you should better start today”. I think this positive mindset is very valuable and I hope to keep it for many years throughout my career.
Q : “What advice would you give to someone who is considering applying to the Fulbright Program?”
Definitely apply! In the preparation of the application, you should carefully think about your expectations of the program as well as about the potential role you could play as ambassador. Once accepted and in the host country, you should from the very first day try to say “yes” to every opportunity and participate in as many activities as possible. The visit will pass very fast and this will help to make the most of the exchange.
Articles are written by Fulbright grantees and do not reflect the opinions of the Fulbright Commission, the grantees’ host institutions, or the U.S. Department of State.