Publications of the Research Unit Pensions and Sustainable Financial Markets

  1. ZEW Discussion Paper No. 11-014 // 2011

    Do Residential Property Companies Systematically Adjust Their Capital Structure? The Case of Germany

    Our paper analyzes the corporate financing behavior of German residential property companies. The German residential property industry is characterized by a predominance of nonlisted companies with different…

  2. ZEW Discussion Paper No. 11-012 // 2011

    International Diversification with Securitized Real Estate and the Veiling Glare from Currency Risk

    Do investments in international securitized real estate markets make a statistically significant contribution to an internationally diversified mixed-asset portfolio, and does currency risk exposure have an…

  3. ZEW Discussion Paper No. 11-006 // 2011

    Short-term Borrowing for Long-term Projects: Are Family Businesses More Susceptible to Irrational Financing Choices?

    Based on a dataset with 1,417 family and 1,195 non-family businesses in Germany, we find that family businesses rely more heavily than other enterprises on short term credit in order to finance long term…

  4. Refereed Journal // 2011

    Pension Funds’ Performance in Strongly Regulated Industries in Central Europe: Evidence from Poland and Hungary

    This paper presents an analysis of pension funds' performance in Poland and Hungary, two Central European countries characterized by strong regulation of their private pension fund industries. Thus, the paper…

  5. Refereed Journal // 2011

    Business Cycle Co-movement and Trade Intensity in the Euro Area: is there a Dynamic Link?

    This paper extends the recent literature that exclusively looks at the static link between bilateral trade intensity and business cycle synchronisation. A cross section augmented VAR framework with an …

Further Publications

ZEW Financial Market Survey

German Real Estate Finance Index (DIFI Report)