The relative equity pricing of more climate-friendly ("green") versus less climate-friendly ("brown") companies is an open question in climate finance. Previous research comes to conflicting conclusions, documenting either a "carbon premium" with brown stocks yielding higher returns, or the...

Bis 2020 werden mehr als 50 Mrd. Geräte mit dem Internet verbunden sein. Mit Hilfe Cyber-Physikalischer Systeme, die die reale mit der virtuellen Welt integrieren, können Prozesse automatisiert und wertvolle Erkenntnisse gewonnen werden. Dies ermöglicht neue Geschäftsmodelle auf Basis...

We compare prominent factor models from Behavioral finance (Daniel, Hirshleifer, and Sun, 2020; Stambaugh and Yuan, 2017) and Neoclassical finance (Sharpe, 1964 and Lintner, 1965; Fama and French, 1993, 2015, 2018; Hou et al., 2020; Hou, Xue, and Zhang, 2015) on the four regions North America, Europe, Asia...

Recent findings for the U.S. stock market indicate that cash-based profitability measures (i.e., profitability measures that exclude accounting accruals) outperform measures of profitability that include accruals. We demonstrate that this result also holds for international markets. In a...