Publications of the Research Unit Pensions and Sustainable Financial Markets

Private equity (PE) firms have long time emphasized their role as investors who create value in their portfolio companies. In this paper we analyze a key strategy of PE investors, the so-called buy-and-build…

• Highest Level Since May 2010
• Inflation Expectations Broadly Unchanged
• Long-Term Interest Rates Expected to Increase
• Stable EUR/CHF Expected
• Equities: Positive Sentiment Dominates
• Special Questions: Medium-Term…

• ZEW-Konjukturerwartungen weiter im Aufwind
• EZB: Kein Ausstieg aus Niedrigzinspolitik erwartet
• USA: Politischer Streit belastet Konjunkturerwartungen
• Japan: Konjunkturerwartungen leicht gedämpft
• Großbritannien:…

This paper focuses on finding starting-values for maximum likelihood estimation of Vector STAR models. Based on a Monte Carlo exercise, different procedures are evaluated. Their performance is assessed w.r.t.…

• Highest Level Since April 2013
• Inflation Expectations Broadly Unchanged
• Stable EUR/CHF Expected
• Gold: Split View Among Analysts
• Special Questions: Long-Term Forecasts

• Konjunkturoptimismus nimmt zu
• EZB: Weiterhin expansive Geldpolitik erwartet
• USA: Konjunkturelle Lage verbessert sich weiter
• Japan: Konjunktureinschätzungen im Aufwind
• Großbritannien: Wirtschaftliche Erholung…

This paper provides an explanation of why garbage as a measure of consumption implies a several times lower coefficient of relative risk aversion in the consumptionbased asset pricing model than consumption…