Publications of the Research Unit Pensions and Sustainable Financial Markets

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…

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…

• Government R&D Funding Should Seek High Additional Social Benefits
• Configuration of the Labour Market Affects Economic Synchronisation
• German Companies Participate Actively in the EU's Emissions Trading System
• Cent…

This paper analyses long- and short-term co-movements between 14 international real estate stock markets based on bivariate testing for cointegration and correlation analysis. The results indicate that there…