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The salience of ESG ratings for stock pricing: Evidence from (potentially) confused investors
Rzeźnik, Aleksandra; Hanley, Kathleen Weiss; Pelizzon, … - 2021
We exploit a modification to Sustainalytics' environmental, social, and governance (ESG) rating methodology, which is subsequently adopted by Morningstar, to study whether ESG ratings are salient for stock pricing. We show that the inversion of the rating scale but not new information leads some...
Persistent link: https://www.econbiz.de/10012648564
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Mutual fund shareholder letters: Flows, performance, and managerial behavior
Hillert, Alexander; Niessen-Ruenzi, Alexandra; Ruenzi, … - 2023
Fund companies regularly send shareholder letters to their investors. We use textual analysis to investigate whether these letters' writing style influences fund flows and whether it predicts performance and investment styles. Fund investors react to the tone and content of shareholder letters:...
Persistent link: https://www.econbiz.de/10013537580
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Mutual Fund Shareholder Letters : Flows, Performance, and Managerial Behavior
Hillert, Alexander - 2016
Fund companies regularly send shareholder letters to their investors. We use textual analysis to investigate whether these letters matter for fund flows and whether they predict performance and investment styles. We find that fund investors react to the writing style of shareholder letters; a...
Persistent link: https://www.econbiz.de/10013005660
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Collateral pledgeability and asset manager portfolio choices during redemption waves
Fauvrelle, Thiago; Riedel, Max; Skrutkowski, Mathias - 2024
-eligible corporate bonds, selling them in order to finance redemptions, while simultaneously increasing their cash holdings. These …
Persistent link: https://www.econbiz.de/10014520259
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Fifty shades of hatred and discontent: Varieties of anti-finance discourses on the European Twitter (France, Germany, Italy, Spain and the UK)
Massoc, Elsa Clara - 2022
to this endeavor with the analysis of anti-finance discourses on Twitter in France, Germany, Italy, Spain and the UK … financial crisis, finance is still a strong catalyzer of political discontent. Second, it shows that there are important … variations in the dominant framing of public anti-finance discourses on social media across European political economies. If the …
Persistent link: https://www.econbiz.de/10012802578
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Governance in entrepreneurial ecosystems: Venture capitalists vs. technology parks
Cumming, Douglas; Werth, Jochen Christian; Zhang, Yelin - 2016
We argue two alternative routes that lead entrepreneurial start-ups to acquisition outcomes instead of liquidation. On one hand, acquisitions can come about through the control route with external financers such as venture capitalists (VCs). VCs take control through their board seats along with...
Persistent link: https://www.econbiz.de/10011474656
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Insight private equity
Gill, Andrej; Visnjic, Nikolai - 2013
We are able to shed light on the black box of restructuring tools private equity investors use to improve the operational performance of their portfolio companies. By building on previous work considering performance evaluation of PE backed companies, we analyze whether private equity improves...
Persistent link: https://www.econbiz.de/10010327805
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Performance benefits of tight control
Gill, Andrej; Visnjic, Nikolai - 2013
This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate...
Persistent link: https://www.econbiz.de/10010327823
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The effects of a low interest rate environment on life insurers
Berdin, Elia; Gründl, Helmut - 2015
Low interest rates are becoming a threat to the stability of the life insurance industry, especially in countries such as Germany, where products with relatively high guaranteed returns sold in the past still represent a prominent share of the total portfolio. This contribution aims to assess...
Persistent link: https://www.econbiz.de/10012064272
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A stochastic forward-looking model to assess the profitability and solvency of European insurers
Berdin, Elia; Pancaro, Cosimo; Kok Sørensen, Christoffer - 2016
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country...
Persistent link: https://www.econbiz.de/10012064289