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See detailFinancial performance and safety in the aviation industry
Farnia, Pedram; Kaspereit, Thomas UL; Walker, Thomas et al

in International Journal of Managerial Finance (in press)

This paper investigates whether financial factors, which are presumed to influence an airline's maintenance, purchasing, and training policies, are associated with the air carrier's safety performance.

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See detailCorporate sustainability in asset pricing models and mutual funds performance measurement
Walker, Thomas; Lopatta, Kerstin UL; Kaspereit, Thomas UL

in Financial Markets and Portfolio Management (2014), 28(4), 363-407

This study explores whether corporate sustainability is a relevant factor in multifactor asset pricing models. It contributes to the literature on asset pricing, as well as to the literature that examines ... [more ▼]

This study explores whether corporate sustainability is a relevant factor in multifactor asset pricing models. It contributes to the literature on asset pricing, as well as to the literature that examines how sustainability impacts capital markets, by constructing a new factor that captures differences in the returns of sustainable and non-sustainable firms. Specifically, it examines whether an additional sustainability factor has explanatory power in asset pricing models that include size, book-to-market equity, and momentum factors. This research has practical implications for the performance measurement of portfolios and mutual funds that are managed in accordance with sustainability criteria in that it disentangles general stock-picking skills from the differences in returns between sustainable and non-sustainable stocks. [less ▲]

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