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Um eine grüne Transformation der Volkswirtschaft zu erreichen, werden Finanzmärkte und die mit ihnen verbundenen Banken eine wichtige Rolle einnehmen müssen. Aber allein vermögen Banken und Kapitalmärkte wenig, wenn sie nicht im Kontext einer klugen, politischen Rahmensetzung und einer transparenten Erfassung der verursachten Schäden auf Unternehmensebene gesehen werden. Diese drei Pfeiler stellen bildlich den tragenden Unterbau für eine Brücke hin zu einer klimaneutralen Wirt-schaftsverfassung dar. Ihr Zusammenwirken ist eine Voraussetzung dafür, dass die Finanzwirtschaft die benötigten Finanzmittel für die grüne Transformation bereitstellen kann.
We analyze the performance of marketplace lending using loan cash flow data from the largest platform, Lending Club. We find substantial risk-adjusted performance of about 40 basis points per month for the entire loan portfolio. Other loan portfolios grouped by risk category have similar risk-adjusted performance. We show that characteristics of the local bank sector for each loan, such as concentration of deposits and the presence of national banks, are related to the performance of loans. Thus, marketplace lending has the potential to finance a growing share of the consumer credit market in the absence of a competitive response from the traditional incumbents.
We examine whether the uncertainty related to environmental, social, and governance (ESG) regulation developments is reflected in asset prices. We proxy the sensitivity of firms to ESG regulation uncertainty by the disparity across the components of their ESG ratings. Firms with high ESG disparity have a higher option-implied cost of protection against downside tail risk. The impact of the misalignment across the different dimensions of the ESG score is distinct from that of ESG score level itself. Aggregate downside risk bears a negative price for firms with low ESG disparity.
The discount control mechanisms that closed-end funds often choose to adopt before IPO are supposedly implemented to narrow the difference between share price and net asset value. We find evidence that non-discretionary discount control mechanisms such as mandatory continuation votes serve as costly signals of information to reveal higher fund quality to investors. Rents of the skill signaled through the announcement of such policies accrue to managers rather than investors as differences in skill are revealed through growing assets under management rather than risk- adjusted performance.
Der Beitrag führt in das sozialpsychologische Phänomen des Gruppendenkens ein. Kennzeichen und Gegenstrategien werden anhand von Zeugenaussagen vor dem Wirecard-Untersuchungsausschuss am Beispiel des Aufsichtsrats illustriert. Normative Implikationen de lege ferenda schließen sich an. Sie betreffen unabhängige Mitglieder (auch auf der Arbeitnehmerbank), Direktinformationsrechte im Unternehmen (unter Einschluss von Hinweisgebern) und den Investorendialog (auch mit Leerverkäufern).
Die Erklärung von Intelligenz fasziniert Menschen seit Jahrtausenden, scheint sich doch mit ihr die menschliche Singularität gegenüber Natur und Tier zu manifestieren. Zugleich betonen nicht nur philosophische Strömungen, sondern auch die Mathematik, die Neuro- und die Computerwissenschaften die Abhängigkeit menschlicher Intelligenz von mechanistischen Prozessen. Ob damit eine Verwandtschaft beider Formen der Informationsverarbeitung verbunden ist oder genau umgekehrt fundamentale Unterschiede bestehen, ist seit knapp hundert Jahren Gegenstand wissenschaftlicher Kontroversen. Fest steht allerdings, dass Maschinen jedenfalls in manchen Bereichen die menschliche Leistungsfähigkeit in Schnelligkeit und Präzision übertreffen können. Nähert man sich dieser Vorstellung, drängt sich die Frage auf, ob es sich empfiehlt, bestimmte Entscheidungen besser von Maschinen treffen, jedenfalls aber unterstützen zu lassen. Neben Ärzten, Rechtsanwälten und Börsenhändlern betrifft das auch Leitungsentscheidungen von Unternehmensführern.
Vor diesem Hintergrund wird im Folgenden ein Überblick über Formen künstlicher Intelligenz (KI) gegeben. Im Anschluss fokussiert der Beitrag auf die Rolle von KI im Kontext von Vorstandsentscheidungen. Dazu zählen allgemeine Sorgfaltspflichten, wenn über den Einsatz von KI im Unternehmen zu entscheiden ist. Geht es um die Unterstützung gerade von Vorstandsentscheidungen stellen sich zusätzlich Fragen der Kooperation von Mensch und Maschine, der Delegation des Kernbestands von Leitungsentscheidungen und der Einstandspflicht für KI.
This paper investigates stock market reaction to greenwashing by analyzing a new channel whereby companies change their names to green-related ones (i.e., names that evoke green and sustainable sentiments) to persuade the public that their activities are green. The findings reveal a striking positive stock price reaction to the announcement of corporate name changes to green-related names only for companies not involved in green activities at the time of the announcement. However, over an extended period of time, companies unrelated to green activities experience substantial negative abnormal returns if they fail to align their operational focus with the new name after the change.
This literature survey explores the potential avenues for the design of a green auto asset-backed security by focusing on the European auto securitization market. In this context, we examine the entire value chain of the securitization process to understand the incentives and interests involved at various stages of the transaction. We review recent regulatory developments, feasibility concerns, and potential designs of a sustainable securitization framework. Our study suggests that a Green Auto ABS should be based on both a green use of proceeds and a green collateral-based methodology.
This paper studies the macro-financial implications of using carbon prices to achieve ambitious greenhouse gas (GHG) emission reduction targets. My empirical evidence shows a 0.6% output loss and a rise of 0.3% in inflation in response to a 1% shock on carbon policy. Furthermore, I also observe financial instability and allocation effects between the clean and highly polluted energy sectors. To have a better prediction of medium and long-term impact, using a medium-large macro-financial DSGE model with environmental aspects, I show the recessionary effect of an ambitious carbon price implementation to achieve climate targets, a 40% reduction in GHG emission causes a 0.7% output loss while reaching a zero-emission economy in 30 years causes a 2.6% output loss. I document an amplified effect of the banking sector during the transition path. The paper also uncovers the beneficial role of pre-announcements of carbon policies in mitigating inflation volatility by 0.2% at its peak, and our results suggest well-communicated carbon policies from authorities and investing to expand the green sector. My findings also stress the use of optimal green monetary and financial policies in mitigating the effects of transition risk and assisting the transition to a zero-emission world. Utilizing a heterogeneous approach with macroprudential tools, I find that optimal macroprudential tools can mitigate the output loss by 0.1% and investment loss by 1%. Importantly, my work highlights the use of capital flow management in the green transition when a global cooperative solution is challenging.
Armstrong et al. (2022) review the empirical methods used in the accounting literature to draw causal inferences. They document a growing number of studies using quasi-experimental methods and provide a critical perspective on this trend as well as the use of these methods in the accounting literature. In this discussion, I complement their review by broadening the perspective. I argue for a design-based approach to accounting research that shifts attention from methods to the entire research design. I also discuss why studies that aim to draw causal inferences are important, how these studies fit into the scientific process, and why assessing the strength of the research design is important when evaluating studies and aggregating research findings.