This paper documents a new dollar channel that transmits monetary policy across borders. Exploiting unique features of the syndicated loan market for identification, we show that changes in the euro-dollar exchange rate around ECB monetary policy announcements that are orthogonal to simultaneous...

This thesis represents a qualitative study analyzing a comprehensive interview dataset of long-standing target executives, investment bankers, and activist specialists to improve our understanding of the effects of hedge fund activism on target firms. Hedge funds possess a broad set of tools to...

Dividends allow shareholders to receive investment returns; however, Chinese listed companies are often reluctant to share profits with external minority shareholders, instead channeling funds into "tunneling" activities of major shareholders. By examining the China Securities Investor Service...

The potential risks associated with controlling shareholders' equity pledges pose significant challenges to capital market stability and development. Therefore, effective mechanisms to constrain equity pledges have become a key focus of scholarly investigation. This study examines the impact of...

Der Investitionsbedarf für die Transformation zu einer klimaneutralen Wirtschaft in Europa wird von der Europäischen Kommission in der Basisvariante auf jährlich 7% bis 8% des Bruttoinlandsproduktes geschätzt. Die Versicherungswirtschaft kann die Transformation in erster Linie durch eine...

This paper documents a new dollar channel that transmits monetary policy across borders. Exploiting unique features of the syndicated loan market for identification, we show that changes in the euro-dollar exchange rate around ECB monetary policy announcements that are orthogonal to simultaneous...

Multinational companies are increasingly under pressure to integrate decarbonisation into their business models as a sign of climate leadership and as a strategy for their long-term value. Institutional investors play a key role in this, both directly, by influencing the adoption of...

This study analyzed specific characteristics of investment fraud victims. Logistic regressions on a national sample of retail investors revealed that overconfident and financially literate investors shared several characteristics with victims of investment fraud. While overconfident investors...

Despite the importance of Corporate Social Responsibility (CSR) firm controversies, little is known about their effect on institutional investors. We study the most important institutional investors worldwide: pension funds and mutual funds. The separation between fund management and ownership...

Housing is one of the most important asset classes in developed economies, playing a central role in driving the credit cycle, the transmission of monetary policy, and overall economic activity. Our understanding of house price dynamics, particularly in the euro area, typically focusses on...

We study the implications of deviations from covered interest rate parity for international capital flows using novel data covering euro-area derivatives and securities holdings. Consistent with a dynamic model of currency risk hedging, we document that investors' holdings of USD bonds decrease...

Institutional investors, such as investment funds, are playing an increasingly important role in residential real estate markets. This raises the possibility that their actions might drive aggregate market outcomes and may change how and which macrofinancial shocks transmit to house prices. In a...