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%0 Thesis
%A Enders, Arthur Friedrich
%T Empirical studies on sustainable finance and alternative assets
%I Rheinisch-Westfälische Technische Hochschule Aachen
%V Dissertation
%C Aachen
%M RWTH-2025-01429
%P 1 Online-Ressource
%D 2025
%Z Veröffentlicht auf dem Publikationsserver der RWTH Aachen University
%Z Dissertation, Rheinisch-Westfälische Technische Hochschule Aachen, 2025
%X This cumulative thesis investigates three emerging topics in financial markets: the impact of carbon transition risk on equity prices, the role of Environmental, Social, and Governance (ESG) practices in attracting institutional investors, and the return predictability of listed private equity (LPE) indices. Utilizing econometric and empirical methods, the research explores how sustainability considerations and alternative investment strategies shape market behavior. In the first study, analysis of disclosed carbon intensity data from U.S. and European firms reveals that portfolios of low-carbon firms consistently outperform those of high-carbon firms, indicating a negative carbon premium and introducing a novel approach to assessing firms’ sensitivity to carbon risk. The second study disaggregates ESG factors, demonstrating that concrete environmental measures, emission reduction targets, and enhanced board diversity significantly boost ESG fund holdings, while high political and lobbying expenditures deter investment. In the third study, monthly analysis of the LPX50 index shows that the net asset value/price ratio reliably predicts future returns, especially over longer horizons. Together, these findings offer actionable insights for investors, companies, and policymakers navigating an evolving financial landscape.
%F PUB:(DE-HGF)11
%9 Dissertation / PhD Thesis
%R 10.18154/RWTH-2025-01429
%U https://publications.rwth-aachen.de/record/1004418