Eric Nowak

Tessin, Schweiz Kontaktinformationen
3444 Follower:innen 500+ Kontakte

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Climate Finance Activist and 30+ year veteran in ESG research and practice. Strong…

Aktivitäten

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Berufserfahrung und Ausbildung

  • Verra

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Ehrenamt

  • TASIS-Switzerland Grafik

    Soccer Coach

    TASIS-Switzerland

    – 10 Monaten

    Children

    In the academic year 2018-19 I was parent coach of the TASIS fourth-grade varsity team that won the Credit Suisse Kids Cup State Championship in Ticino, in May 2019. At the National Championship Finals of the Swiss Football Association in Basel on June 12, 2019, the team placed overall 5th of the country.

    https://www.tasis.ch/cf_news/view.cfm?newsid=1246

  • oikos St.Gallen Grafik

    Student Member

    oikos St.Gallen

    – 3 Jahre 1 Monat

    Environment

    Supported the organization of the oikos conferences on sustainable development at the University of St. Gallen.

Veröffentlichungen

  • Voluntary Carbon Markets

    SIX White Paper

    🌳 Tackling Climate Change: In collaboration with SIX Group we have launched a new whitepaper, analyzing how Financial Market Infrastructure providers can contribute to the fight against climate change: https://six.swiss/3tcPHh2

    💡 Take a few minutes to read and find out why exchanges can play an important role in making our planet sustainable for future generations.

    #USI #swissstockexchange #whitepaper #carbonmarkets #ESG #climatechange

    Andere Autor:innen
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  • Market efficiency and limits to arbitrage: Evidence from the Volkswagen short squeeze

    Journal of Financial Economics

    On October 26, 2008, Porsche announced a largely unexpected domination plan for Volkswagen. The resulting short squeeze in Volkswagen’s stock briefly made it the most valuable listed company in the world. We argue that this was a manipulation designed to save Porsche from insolvency and the German laws against this kind of abuse were not effectively enforced. Using hand-collected data we provide the first rigorous academic study of the Porsche-VW squeeze and show that it significantly impeded…

    On October 26, 2008, Porsche announced a largely unexpected domination plan for Volkswagen. The resulting short squeeze in Volkswagen’s stock briefly made it the most valuable listed company in the world. We argue that this was a manipulation designed to save Porsche from insolvency and the German laws against this kind of abuse were not effectively enforced. Using hand-collected data we provide the first rigorous academic study of the Porsche-VW squeeze and show that it significantly impeded market efficiency. Preventing manipulation is important because without efficient securities markets, the EU’s major project of the Capital Markets Union cannot be successful.

    Andere Autor:innen
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  • The (Ir)relevance of Disclosure of Compliance with Corporate Governance Codes: Empirical Evidence from the German Stock Market

    Journal of Institutional and Theoretical Economics (JITE)

    This paper studies short- and long-run effects of disclosure of compliance with the German Corporate Governance Code. First, we present an analysis of firms' compliance with the Code. Second, event-study results suggest that aggregate market and firm values are unaffected, although there was widespread belief that market reactions would follow the disclosure of the declaration of conformity. Third, for the long horizon, we find that neither levels nor changes in Code compliance levels have an…

    This paper studies short- and long-run effects of disclosure of compliance with the German Corporate Governance Code. First, we present an analysis of firms' compliance with the Code. Second, event-study results suggest that aggregate market and firm values are unaffected, although there was widespread belief that market reactions would follow the disclosure of the declaration of conformity. Third, for the long horizon, we find that neither levels nor changes in Code compliance levels have an impact on stock price performance. Our results add evidence to the hypothesis that self-regulatory corporate governance reforms relying on disclosure without monitoring and legal enforcement are ineffective.

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  • Private Equity Performance and Liquidity Risk

    The Journal of Finance

    Private equity has traditionally been thought to provide diversification benefits. However, these benefits may be lower than anticipated as we find that private equity suffers from significant exposure to the same liquidity risk factor as public equity and other alternative asset classes. The unconditional liquidity risk premium is about 3% annually and, in a four‐factor model, the inclusion of this liquidity risk premium reduces alpha to zero. In addition, we provide evidence that the link…

    Private equity has traditionally been thought to provide diversification benefits. However, these benefits may be lower than anticipated as we find that private equity suffers from significant exposure to the same liquidity risk factor as public equity and other alternative asset classes. The unconditional liquidity risk premium is about 3% annually and, in a four‐factor model, the inclusion of this liquidity risk premium reduces alpha to zero. In addition, we provide evidence that the link between private equity returns and overall market liquidity occurs via a funding liquidity channel.

    Andere Autor:innen
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  • On the Performance of Private Equity Investments: Does Market Timing Matter?

    Journal of Financial Transformation

    This paper investigates the market timing abilities of private equity fund managers using a
    unique set of detailed cash-flow data. We show that investment timing has an impact on the
    performance of venture capital funds. Surprisingly, divestment timing has no such impact on
    returns. For later-staged buyout funds our analysis reveals that fund performance is not
    driven by market timing but is significantly related to the experience of the individual fund
    manager. Thus, for…

    This paper investigates the market timing abilities of private equity fund managers using a
    unique set of detailed cash-flow data. We show that investment timing has an impact on the
    performance of venture capital funds. Surprisingly, divestment timing has no such impact on
    returns. For later-staged buyout funds our analysis reveals that fund performance is not
    driven by market timing but is significantly related to the experience of the individual fund
    manager. Thus, for successful investing into more mature portfolio companies, getting access
    to better deal flow and managing the investment affect the resulting success of these
    investments. Our results complement other recent findings on the performance of private
    equity funds.

    Andere Autor:innen
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