Researchers debate whether environmental investments reduce firm value or can actually improve financial performance. We provide some first evidence on shareholder wealth effects of voluntary corporate environmental initiatives. Companies announcing membership in Climate Leaders and Ceres - two...

This paper carries out a systematic analysis of the components of the Spanish urban and metropolitan public transportation system, taking into account different representative urban areas. It aims at providing an overall image and, with this purpose, it sets the roles played by the various...

Policies for promoting the <i>in situ </i>conservation of underutilized crop varieties include the provision of economic incentives to farmers for their market commercialization. Nevertheless, market participation could also have the counter-effect of favoring the cultivation of uniform commercial crop...

We use payroll data on 1.2 million bank employee years in the Austrian, German, and Swiss banking sector to identify incentive pay in the critical banking segments of treasury/capital market management and investment banking for 66 banks. We document an economically significant correlation of...

Banks using advanced VaR models are expected to hold in a lower amount subject to market risk (ASMR) than banks using simple VaR models because of measuring their risk relatively more accurately. The purpose of this study is to test the hypothesis that advanced VaR models which measures risks...

Risk diversification is one of the many reasons for cross-sector mergers of financialinstitutes. This paper presents a fair-value type asset and liability model in order to identify diversification effects for financial conglomerates (PCs) under various shocks. My analysis for the Netherlands...

The global financial crisis that started in 2007 exposed the failure of governments and legislative bodies to regulate the banking industry adequately at a national and global level. Post-crisis reforms and structural changes have ensued: the switch from the G7 to the G20 for example and an...