French Abstract: Nicolas Firzli nous fait partager certains des travaux menés par le World Pensions Council (WPC) et résume ici une partie des interventions du G7 Pensions qui s'est tenu fin août dernier, en marge du Sommet du G7 de Biarritz. Il livre des pistes de réflexions précieuses...

This paper studies the role of fluctuations in the aggregate price-earning ratio at different time-scales, for predicting stock returns and exploring the channels through which returns are forecasted. Using U.S. quartely data, we find that cycles in the price-earning ratio are strong and better...

Wichtigster Bestandteil der EU-Strategie zur kosteneff ektiven Senkung der Treibhausgasemissionen ist das von der Europäischen Union entwickelte EU-Emissionshandelssystem (EU ETS). Es wurde 2005 eingeführt und ist das erste internationale „Cap-and-trade“-System für den Handel mit...

The evaluation has three objectives: To assess EU support to environment and climate change in third countries through the Thematic Programme for Environment and Sustainable Management of Natural Resources including Energy (ENRTP)1, and through the geographic instruments. To evaluate EU support...