Publications of the Research Unit Pensions and Sustainable Financial Markets

Since the early 1970s and the seminal papers of Fama (1965, 1970), the efficient market hypothesis and its validity for several asset markets have been the topic of an uncountable number of publications in…

This paper investigates price formation in the European Union Emissions Trading Scheme (EU ETS). The aim of the paper is to know what is happening to the European Union Allowance (EUA) price, when new…

• Economic Expectations Improve Again
• Eurozone: Optimism Over the economy and Rising Interest Rate Expectations
• USA: Analysts Are Upbeat
• Great Britain: Specialists Expect no Change in Benchmark Rate
• Japan: Brightening…

• Economic expectations for the CEE region improve considerably
• Czech Republic, Poland, and Slovakia: Optimism about business prospects
• Hungary, Romania, and Croatia: Clearly improved economic outlook
• Special…

• Der Absturz in Deutschland ist gestoppt
• Die voraussichtliche Lage in der EWU
• Ergebnisse der Augustumfrage 2009
• Unternehmen des Wirtschaftszweigs vorsichtig optimistisch
• Langfristige Diversifikationseffekte an den…

• Der Optimismus kehrt zurück
• EZB: Vorerst unveränderte Zinsen erwartet
• USA: Experten blicken wieder optimistischer in die Zukunft
• Japan: Die Konjunkturerwartungen für Japan steigen wieder
• Großbritannien: Experten…

A sizeable literature reports that financial market analysts and forecasters herd for reputational reasons (See e.g. Devenow and Welch (1996) and Hirshleifer and Teoh (2003) for surveys). As an example, Lamont…