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The effects of corporate and country sustainability characteristics on the cost of debt: An international investigation

Hoepner, Andreas; Oikonomou, Ioannis; Scholtens, Bert; … - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

We investigate the relationship between corporate and country sustainability on the cost of bank loans. We look into … operating in all major industries. Our principal findings reveal that country sustainability related to both social and … of one unit in country sustainability scores is associated with an average decrease in the costs of debt by 64 basis …

Persistent link: https://www.econbiz.de/10011095353

Is there a Difference? The Performance Characteristics of SRI Equity Indexes

Schröder, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2005

Investments in socially responsible investments (SRI) are still a small, but growing segment of international capital markets. This study analyses whether a SRI screening process applied to equities results in a different performance outcome compared to relevant conventional benchmark indexes....

Persistent link: https://www.econbiz.de/10005098046

Short-term borrowing for long-term projects: Are family businesses more susceptible to 'irrational' financing choices?

Peters, Bettina; Westerheide, Peter - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

There are noticeable differences between the roles that various forms of credit financing play in family businesses and in other businesses. Family businesses take out more often bank loans specifically to finance investments and innovations, and they particularly often resort to the short-term...

Persistent link: https://www.econbiz.de/10008869220

Are IPOs of Different VCs Different?

Tykvová, Tereza; Walz, Uwe - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004

This paper sets out to analyze the influence of different types of venture capitalists on the performance of their portfolio firms around and after IPO. We investigate the hypothesis that different governance structures, objectives, and track records of different types of VCs have a significant...

Persistent link: https://www.econbiz.de/10005098275

Are SRI funds conventional funds in disguise or do they live up to their name?

Nitsche, Christin; Schröder, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2015

In recent years, the socially responsible investing (SRI) industry has become an important segment of international capital markets by incorporating ESG (Environmental, Social and Governance) factors into investment selection and management processes. This study analyses whether SRI mutual funds...

Persistent link: https://www.econbiz.de/10011269124

Fit and complementarity: cognitive distance and combined competence as predictors of co-operative R&D projects' outcomes in Europe

Zibell, Laurent; Allen, Peter M. - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

This article considers cognitive distance and combined competence as predictors of concrete outcomes in co-operative Research and Development projects. The operationalisation is based upon a dedicated survey, answered by matched pairs of projects managers in partnering organisations, addressing...

Persistent link: https://www.econbiz.de/10008500713

Chinese pension fund investment efficiency: Evidence from CNCSSF stock holdings

Lang, Gunnar; Shen, Yu; Xu, Xian - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2014

China's pension system is facing a large gap of more than one trillion RMB. The investment efficiency of the social security fund therefore receives widespread attention in academic circles. We collected data of stocks held by the Chinese National Council for Social Security Fund (CNCSSF) from...

Persistent link: https://www.econbiz.de/10010957688

The European Commission and EUA prices: a high-frequency analysis of the EC's decisions on second NAPs

Rotfuß, Waldemar; Conrad, Christian; Rittler, Daniel - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

This paper empirically examines price formation in the European Union Emissions Trading Scheme (EU ETS). Our analysis shows that unexpected allocations of European Union Allowances (EUAs) lead to pronounced price reactions of the expected signs. Moreover, we find evidence that the adjustment of...

Persistent link: https://www.econbiz.de/10008533676

Testing the predictability and efficiency of securitized real estate markets

Schindler, Felix; Rottke, Nico; Füss, Roland - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

This paper conducts tests of the random walk hypothesis and market efficiency for 14 national public real estate markets. Random walk properties of equity prices influence the return dynamics and determine the trading strategies of investors. To examine the stochastic properties of local real...

Persistent link: https://www.econbiz.de/10008533681

Long-term benefits from investing in international real estate

Schindler, Felix - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

This paper analyses long- and short-term co-movements between 14 international real estate stock markets based on bivariate testing for cointegration and correlation analysis. The results indicate that there exist strong long-term relationships within economic and geographical regions, but less...

Persistent link: https://www.econbiz.de/10005097511

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