The question why firms voluntarily forgo considerable portions of their debt capacity is puzzling financial economists. Across a wide range of industries and countries, empirically observed equity ratios are significantly higher as expected by classical capital structure theories. A potential...

This dissertation analyzes how asset performance relates to inflation based on 50 countries and 60 years of data. The three key findings are: a nonlinear behavior of bills, bonds, and equities against inflation, the demystification of listed infrastructure as inflation hedge, and, finally, a...

We investigate the relation between state ownership and corporate investment. In a matched panel of 624 European firms, state ownership curtails firms' responsiveness to investment opportunities. With increasing government ownership, investment becomes more sensitive to internal funds when...

In December 2017, during the One Planet Summit in Paris, a group of eight central banks and supervisory authorities launched the "Network for Greening the Financial Sector" (NGFS) to address challenges and risks posed by climate change to the global financial system. Until 06/2023 an additional...

With greater economic and financial market integration, it is critical for asset managers to choose the investment universe that provides superior diversification and performance op-portunities. Therefore, it is important to investigate whether international diversification benefits arise from...