• The diminishing alpha potential of ESG
  

  Working paper

  02-02-12 | Jeroen Derwall | Kees Koedijk | A significant number of institutional investors publicly express the belief that corporate...

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• Value Added From Money Managers in Private Markets? An Examination of…

  Working paper

  30-01-12 | Aleksandar Andonov | Piet Eichholtz | Nils Kok | Real estate is the most important alternative asset class for pension funds and represents on aver- age more than five percent of their total holdings. We employ a previously unexplored international database to examine the investments of some 880 pension funds in direct real estate and REITs over the 1990-2009 period. We document that larger funds are more likely to invest in real estate internally, have lower costs, and higher returns. Smaller funds are more likely to invest in direct real estate, through external managers and fund-of-funds, but largely ignore REITs. This significantly...

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  • AEK Pension Funds
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• Project finance as a driver of economic growth in low-income countries

  Working paper

  01-01-12 | Stefanie Kleimeier | This paper, coauthored by Stefanie Kleimeier and Roald Versteeg, investigates the role of project finance as a driver of economic growth. The authors hypothesize that project finance is beneficial to the least developed economies as it is able to compensate for a lack of domestic financial development. The contractual structure unique to project finance leads to better investment management and governance. Investigating 90 countries from 1991 to 2005, the authors find indeed support for their hypothesis. Results show that project finance fosters economic growth and that its effect is...

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• The Market for Independent Directors
  

  Working paper

  09-12-11 | Lei Chen | Frank Moers | We study the market for independent directors in the United States during the 1996-2006 period...

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• Residential Energy Literacy and Capitalization
  

  Working paper

  01-12-11 | Dirk Brounen | Nils Kok | With the residential sector accounting for some one-fifth of global energy consumption --...

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  • Residential Energy Literacy and Capitalization
  • Dirk Brounen on the "Energy Literacy" of Private Consumers
  • Slides on "Energy Literacy" paper (ASSA Meeting, Chicago, 2012)
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• Portfolio Greenness and the Financial Performance of REITs

  Working paper

  27-11-11 | Piet Eichholtz | Nils Kok | Erkan Yönder | There is an increasing body of evidence on the financial performance of “green” commercial properties, but not much is known about the implications of investments in such buildings for property companies. This paper investigates the effects of the energy efficiency and sustainability of commercial properties on the operating and stock performance of a sample of US REITs, providing insight into the net benefits of “green” buildings. We match data on LEED and Energy Star certified buildings with detailed information on REIT portfolios and calculate the share of...

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  • Portfolio Greenness and the Financial Performance of REITs
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• Supply, Demand, and the Value of Green Buildings
  

  Working paper

  23-11-11 | Andrea Chegut | Piet Eichholtz | Nils Kok | Attention to “sustainability” and energy efficiency rating schemes in the commercial...

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  • Supply, Demand, and the Value of Green Buildings
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• Assurance on Sustainability Reports: An International Comparison
  

  The Accounting Review

  08-09-11 | Ann Vanstraelen | In this paper, co-authored with Roger Simnet and Wai Fong Chua, we study general purpose,...

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  • Published in The Accounting Review
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• Values-Driven and Profit-Seeking SRI
  

  Journal of Banking and Finance

  07-09-11 | Jeroen Derwall | Kees Koedijk | A segmentation of the socially responsible investing (SRI) movement by values-versus-profit...

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  • Derwall, Koedijk and Ter Horst (2011)
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• GRESB Research Report 2011
  

  Working paper

  06-09-11 | Rob Bauer | Piet Eichholtz | Nils Kok | At the request of a global consortium of institutional investors, 340 of the worldʼs largest...

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  • Download the GRESB Report
  • View the GRESB Report online
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