h1

% IMPORTANT: The following is UTF-8 encoded.  This means that in the presence
% of non-ASCII characters, it will not work with BibTeX 0.99 or older.
% Instead, you should use an up-to-date BibTeX implementation like “bibtex8” or
% “biber”.

@PHDTHESIS{Enders:1004418,
      author       = {Enders, Arthur Friedrich},
      othercontributors = {Lontzek, Thomas Siegmund and Schmedders, Karl},
      title        = {{E}mpirical studies on sustainable finance and alternative
                      assets},
      school       = {Rheinisch-Westfälische Technische Hochschule Aachen},
      type         = {Dissertation},
      address      = {Aachen},
      publisher    = {RWTH Aachen University},
      reportid     = {RWTH-2025-01429},
      pages        = {1 Online-Ressource},
      year         = {2025},
      note         = {Veröffentlicht auf dem Publikationsserver der RWTH Aachen
                      University; Dissertation, Rheinisch-Westfälische Technische
                      Hochschule Aachen, 2025},
      abstract     = {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.},
      cin          = {811110},
      ddc          = {330},
      cid          = {$I:(DE-82)811110_20140620$},
      typ          = {PUB:(DE-HGF)11},
      doi          = {10.18154/RWTH-2025-01429},
      url          = {https://publications.rwth-aachen.de/record/1004418},
}