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Andreas Grüner
Title
Prof. em. Dr.
Last Name
Grüner
First name
Andreas
Email
andreas.gruener@unisg.ch
Phone
+41 71 224 2679
Now showing
1 - 10 of 73
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PublicationESG-Risiken im Bankmanagement - ein Vergleich zwischen DACH und den USA (Teil 1 + 2)(Verlagsgruppe Knapp - Richardi, 2024-02)
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PublicationType: journal articleJournal: Journal of Portfolio ManagementVolume: Special Issue: Private Markets 2022Issue: jpm.2022.1.400
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PublicationType: journal articleJournal: Credit and Capital MarketsVolume: 53Issue: 4
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PublicationFinancial Slack and Firm Performance during Economic Downturn( 2018-04-30)
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PublicationLead-Lag Relationships in International Stock Markets Revisited: Are They Exploitable?This paper re-examines empirical lead-lag relationships in stock portfolios sorted by size, analyst coverage and institutional ownership across seven major developed markets. We find that lead-lag relationships continue to exist in a majority of countries. A simple trading strategy that exploits the return predictability based on lead-lag relationships yields significant abnormal returns in several markets. However, the abnormal returns quickly decline when transaction costs are introduced and become insignificant for one-way transaction costs of more than 40 basis points. Thus, lead-lag relationships are probably not exploitable in practice and will continue to exist in the future.Type: journal articleJournal: International Journal of Financial ResearchVolume: 9Issue: 1DOI: 10.5430/ijfr.v9n1p8
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PublicationTrade Sale versus IPO as Exit Strategy - An Empirical Analysis of European and US VC Backed Biotechnology Companies( 2017-10-16)
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PublicationLearning From Start-Ups – Ideas for Business Developers - How ABB Entered the Market of Energy Management Solutions.( 2017-11-09)
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PublicationRisk Cluster Framework - How to analyse Companies by Operating Leverage( 2017-12-07)
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PublicationThe impact of the economic crisis on listed private equityVolatility in international capital markets and the increasing uncertainty of investors during the global economic crisis called for new perspectives with regard to asset classes and their diversi-fication potential. Listed private equity (LPE) could serve the purpose of diversification and stabilization based on its dual nature of publicly traded stock and of a closed-end fund vehicle. This paper aims to contribute to the knowledge about LPE risk and return characteristics and performance in particular during crisis time by examining the net asset value (NAV) and price return of global LPE vehicles over 13 years (2000-2013). Consequently, the quarterly stock prices and net asset values per share are evaluated based on 13 explanatory factors. The sample covers different LPE styles and investment categories and was selected based on the member-ship in the LPX2 universe as well as based on liquidity and reliability criteria (LPX, 2014). Therefore, the drawn sample is representative for the global private equity community. This paper will focus on three questions. Firstly, how does LPE behave relatively to other tradi-tional asset classes, e.g. how do the correlations look like? Secondly, what are the drivers of performance of LPE? Thirdly, how did LPE behave during the crisis years 2007-09 and how did the factors driving the performance change? To account for the comparability of the empirical results the effects of the crisis mentioned in question 3 are addressed directly in the last part of each section.Type: journal articleJournal: Journal of Business and Economics in Times of CrisisVolume: 2Issue: 1
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PublicationThe Value-relevance of CSR Reporting QualityWe examine the value?relevance of corporate social responsibility (CSR) reporting quality in the so?called D/A/CH?region (Germany, Austria, and Switzerland). We provide empirical evidence that higher CSR reporting quality reduces stock return volatility and abnormal returns from unexpected CSR performance risk. We argue, when the quality of CSR reporting is high, then the market is pricing firms' future CSR performance more precisely. We also find that the amount and quality of CSR reporting has significantly increased from 2002 to 2012. Particularly, the use of separate sustainability reports and integrated reports has increased over time. The data is hand?collected and obtained through an analysis of CSR reporting in annual reports, status reports, integrative reports, and CSR reports. The data set represents the complete composition of DAX30 (Germany), ATX (Austria), and SMI (Switzerland) listed firms as of December 2012.Type: journal articleJournal: Journal of Environmental Law and PolicyVolume: 37Issue: 4