In naher Zukunft werden rund 1,5 Millionen Studierende in Deutschland Studiengebühren entrichten müssen, da mittlerweile acht Bundesländer deren Erhebung beschlossen haben. Die Bundesländer sind – nach einer Entscheidung des Bundesverfassungsgerichts – bei Erhebung von Studiengebühren...

Environmental, social and governance factors are becoming increasingly significant for comprehensive firm valuation. These factors are however of a qualitative nature and therefore difficult to express in numerical figures. Consequently, disclosure and the relevancy thereof to investors are...

This article examines the value creation of 78 German acquisitions in the US during the period 1990 to 2004. The observed Cumulative Abnormal Returns (CARs) confirm the previous finding that cross-border Mergers and Acquisitions (M&A) activity yields on average wealth gains for shareholders of...

This study contributes to the emerging research that analyzes the relation between performance and single components of broad corporate governance aggregates, such as governance codes and ratings. Available research so far is confined to the U.S., Japan, and emerging markets. We enlarge the...

This paper assesses the carbon exposure of European electric utilities covered by the EU Emissions Trading System (EU ETS). First, we rely on an asset pricing model to empirically determine the effect of carbon price risks on firm-specific cost of capital for a sample of 20 European utility...

This article examines intra-industry information transfers in the European and Japanese electric industry in the wake of the Fukushima nuclear accident. For European conventional utilities, the downward price drift is relatively small and transient in nature. Yet, we find positive and lingering...