This dissertation examines with three independent studies the impact of regulatory changes or potential self-regulation on stock returns and equity risk of affected companies. The focus is therefore laid on the the (renewable) energy sector and on the financial industry. Based on the event study...

This paper analyzes why corporate governance matters for stock returns if the stock market prices the underlying managerial agency problem correctly. Our theory assumes that strict corporate governance prevents managers from diverting cash flows, but reduces incentives for managerial effort. In...

Multifactor funds, which offer factor diversification neatly packaged in one product, have a rather short but poor track record; these funds have largely underperformed widely-available broad market funds. This article evaluates the performance of multifactor funds relative to two homemade factor...