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This paper examines the profitability of investing according to environmental, social and governance (ESG) criteria in the U.S. and Europe. Based on data from 2003 to 2017, we show that a portfolio long in stocks with the highest ESG scores and short in those with the lowest scores yields a...
Persistent link: https://www.econbiz.de/10012025370
This paper sets the background for the Special Issue of the Journal of Empirical Finance on the European Sovereign Debt Crisis. It identifies the channel through which risks in the financial industry leaked into the public sector. It discusses the role of the bank rescues in igniting the...
Persistent link: https://www.econbiz.de/10011588156
Studies employing micro price data suggest that price dispersion is larger between regions in different countries than between regions in the same country. To investigate the strength of this border effect, deviations from the law of one price are used in most studies to provide statistical...
Persistent link: https://www.econbiz.de/10011532862
European banks and the tendency of EU regulators to rescue rather than resolving distressed banks, and asks to what extent the …
Persistent link: https://www.econbiz.de/10010424982
In the context of the upcoming Brexit, a relocation of the clearing of euro-OTC derivatives for EU-based firms is the … ein EU-CCP diskutiert. Das vorliegende Papier zeigt, dass die bislang vorliegenden Kostenschätzungen, die von Kosten in …
Persistent link: https://www.econbiz.de/10011764465
takes place in London, hence outside the EU in the foreseeable future. For some time there has been a controversial … and are systemically relevant from an EU perspective, should be subject to direct supervision by EU authorities and should … be established in the EU. This would represent an important building block for a future Capital Markets Union in Europe …
Persistent link: https://www.econbiz.de/10011855560
This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset...
Persistent link: https://www.econbiz.de/10009127161
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