This paper investigates the reasons for the lack of long-term persistence in the investment performance of actively managed equity mutual funds. We document that the responses of investors, fund managers, and investment management companies to past performance affect future performance....

We exploit demographic variation to identify the effect of dividend demand on corporate payout policy. Retail investors tend to hold local stocks and older investors prefer dividend-paying stocks. Together, these tendencies generate geographically-varying demand for dividends. Firms...

Die zunehmende internationale Verflechtung und Globalisierung der Märkte verschärfen den Wettbewerb und stellen die Unternehmen vor neue Herausforderungen. Da wirtschaftliche und gesellschaftliche Änderungen in immer schnelleren Zyklen stattfinden, ist die Wandlungsfähigkeit von Unternehmen...

The strategic management of corporate sustainability tends to be approached from one theoretical perspective simultaneously in academic research and publications in mainstream journals. In corporate practice, however, a sustainability issue has different dimensions that cannot be captured if...

In the absence of sufficient support for the Kyoto Protocol, the international policy arena on climate change is far removed from being a 'level playing field'. Companies thus face much uncertainty about the competitive effects of the Protocol and (upcoming) regulatory measures. This means that...

We exploit demographic variation to identify the effect of dividend demand on corporate payout policy. Retail investors tend to hold local stocks and older investors prefer dividend-paying stocks. Together, these tendencies generate geographically-varying demand for dividends. Firms...