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Grant-making foundations commonly use financial returns on investment in support of a public purpose. Recently, more attention has been given in academic research to the role of foundations as sustainable investors. According to the concept of socially responsible investing (SRI), foundations should integrate their social purposes into their investment strategies. However, foundations are also required to comply with national legal frameworks. Our research interest lies in those investment funds that are specifically developed for foundations in Germany. In this study, we answer two research questions: First, what are the characteristics of the market for foundation investment funds in Germany? Second, to what extent are foundation investment funds useful for foundations pursuing an SRI strategy? We build on a full sample comprising all 52 German foundation investment funds that are currently available and then use data from MSCI to apply a sustainability rating for these funds. With these data, we evaluate the financial performance of foundation investment funds in relation to their sustainability ratings. Multidimensional Scaling (MDS) was used to reduce complexity in the dataset and detect similarities among a set of objects. Our findings differentiate between two distinct clusters of foundation investment funds. The first "discrete" cluster represents the majority of funds, and these funds are generally smaller with lower performance and lower levels of SRI conformity. The funds in the second "attached" cluster are generally larger, more diversified, and have higher performance. Finally, we call for further research offer implications for both fund managers and foundation asset managers. Plain Language Summary: Shortcommings in sustainable investing through foundation investment funds Grant-making foundations commonly use financial returns on investment in support of a public purpose. Recently, more attention has been given in academic research to the role of foundations as sustainable investors. According to the concept of socially responsible investing (SRI), foundations should integrate their social purposes into their investment strategies. However, foundations are also required to comply with national legal frameworks. Analyzing the performance of specific foundation investment funds in Germany we find two distinct clusters. The first "discrete" cluster represents the majority of funds, and these funds are generally smaller with lower performance and lower levels of SRI conformity. The funds in the second "attached" cluster are generally larger, more diversified, and have higher performance. This study highlights the need for foundations to develop their own SRI investment policies and thoroughly check the investment vehicles they use. [ABSTRACT FROM AUTHOR]

The ongoing demographic change in most developed countries consists of two coinciding independent developments that differ in structure and persistence: A slow, monotonic and (presumably) permanent longevity effect caused by an increasing life expectancy; and a more rapidly changing, non-monotonic and less permanent cohort effect caused by fluctuations in the size of cohorts. This paper shows the longevity effect has a positive impact on the rates of return households generate within a pay-as-you-go (PAYG) pension system. The cohort effect, by contrast, results in winners and losers in PAYG systems. The paper additionally shows that the type of PAYG pension system alters the results significantly. Taking the remarkable demographic change in Germany as an example, a large-scale overlapping generation model quantifies rates of return within the PAYG pension system for every cohort. The results show that the two effects combined cause return differentials of almost 1.3 percentage points between generations. [ABSTRACT FROM AUTHOR]

In this study, the performance of Isobutane/Isopentane (zeotropic mixture) is studied in the new proposed Organic Rankine Cycle (NORC). Operating parameters included temperatures of two series evaporators and regenerative, degree of superheating, and pinch point temperature difference in the first evaporator are optimized with multi-objective functions i.e., exergy as thermodynamic, Specific Investment Cost (SIC) as economic and exergoeconomic as the third objective function that considered exergy and SIC simultaneously. Optimization results for Isobutane/Isopentane indicate that the value of exergy has a sharp decrease when the mole fraction of Isobutane increases to 0.5, and after that, the exergy amount rises significantly and reaches a peak at 54.584% for pure Isobutane. Also, return on investment (ROI) is employed as an economic indicator to get the center of attention in economic proficiency by utilizing Isobutane/Isopentane in NORC configuration according to the exergoeconomic results for fifteen countries as two groups of developed and developing in order to compare profitability all around the world. The results represent that, by the growing of Isobutane mole fraction in Isobutane- Isopentane mixture, ROI indicator is reduced. The maximum and the minimum value of ROI are related to Germany (57.64%) and India (4.09%), respectively. • A new cycle was designed to improve basic organic Rankine cycle performance. • Peng Robinson equation of state was used to obtain properties of organic fluids. • Operating parameters were optimized with two objective functions simultaneously. • The new cycle performance was investigated using zeotropic mixture. • Return on investment of 15 countries was estimated as economic viewpoint. [ABSTRACT FROM AUTHOR]

Background In context of the multidisciplinary German scientific guideline "Use of extracorporeal circulation (extracorporeal life support [ECLS]/extracorporeal membrane oxygenation) for cardiac and circulatory failure," a nationwide survey should depict the status of organization and application of ECLS therapy in Germany. Methods Between June and October 2017, a standardized questionnaire consisting of 30 items related to ECLS therapy was sent to all German cardiosurgical departments, and all returned results were analyzed and evaluated. Results The return rate amounted to 92.9% (78 out of 84 departments). In the participating departments, ECLS therapy is subject to different responsibilities, and exhibits divergent processes and various ways for specialization of the involved personnel. This also concerns local application standards, such as cannulation strategies, anticoagulation management, left ventricular unloading, antiwatershed treatment, and weaning from circulatory support. Conclusion This nationwide survey underlines the necessity of a multidisciplinary guideline concerning ECLS therapy. [ABSTRACT FROM AUTHOR]

Abstract: Aims: To evaluate costs, effects and cost‐effectiveness of increased reach of specific smoking cessation interventions in Germany. Design: A Markov‐based state transition return on investment model (EQUIPTMOD) was used to evaluate current smoking cessation interventions as well as two prospective investment scenarios. A health‐care perspective (extended to include out‐of‐pocket payments) with life‐time horizon was considered. A probabilistic analysis was used to assess uncertainty concerning predicted estimates. Setting: Germany. Participants: Cohort of current smoking population (18+ years) in Germany. Interventions: Interventions included group‐based behavioural support, financial incentive programmes and varenicline. For prospective scenario 1 the reach of group‐based behavioral support, financial incentive programme and varenicline was increased by 1% of yearly quit attempts (= 57 915 quit attempts), while prospective scenario 2 represented a higher reach, mirroring the levels observed in England. Measurements: EQUIPTMOD considered reach, intervention cost, number of quitters, quality‐of‐life years (QALYs) gained, cost‐effectiveness and return on investment. Findings: The highest returns through reduction in smoking‐related health‐care costs were seen for the financial incentive programme (€2.71 per €1 invested), followed by that of group‐based behavioural support (€1.63 per €1 invested), compared with no interventions. Varenicline had lower returns (€1.02 per €1 invested) than the other two interventions. At the population level, prospective scenario 1 led to 15 034 QALYs gained and €27 million cost‐savings, compared with current investment. Intervention effects and reach contributed most to the uncertainty around the return‐on‐investment estimates. At a hypothetical willingness‐to‐pay threshold of only €5000, the probability of being cost‐effective is approximately 75% for prospective scenario 1. Conclusions: Increasing the reach of group‐based behavioural support, financial incentives and varenicline for smoking cessation by just 1% of current annual quit attempts provides a strategy to German policymakers that improves the population's health outcomes and that may be considered cost‐effective. [ABSTRACT FROM AUTHOR]

This paper shows how long-term value added driven competitiveness is widely adopted by German DAX 30 corporations and how it can be measured. It explains and shows how different measures such as shareholder value, economic value added (EVA), return on capital employed (ROCE), return on equity (ROE) and others are calculated and how they correlate to show longterm value added and, therefore, competitive differentiation. As part of the highly professionalized corporate governance approach, the German Corporate Governance Codex (Regierungskommision Deutscher Corporate Governance Kodex, 2015) asks for "sustainable creation of value". The analyses of 2015 and 2016 annual reports of all 30 corporations state that 80% of the firms show financially relevant value added data and as such measurable competitive advantage on the long run. The paper focuses on which measures are used to quantify the competitive value addition and then shows how EVA or company specific EVA-like measures in addition to ROCE are the most used ones. Furthermore, the paper shows that ROCE with a factor of 0.97 in 2015 and 0.74 in 2016 correlates best with EVA and, in absence of an EVA calculation, is the best measure to represent value creation as a competitive differentiator. The results can be useful to strengthen competitiveness for policymakers both in non-profit and for-profit social economy entities. [ABSTRACT FROM AUTHOR]

Background: The European-study on Quantifying Utility of Investment in Protection from Tobacco (EQUIPT) project aimed to study transferability of economic evidence by co-creating the Tobacco Return On Investment (ROI) tool, previously developed in the United Kingdom, for four sample countries (Germany, Hungary, Spain and the Netherlands). The EQUIPT tool provides policymakers and stakeholders with customized information about the economic and wider returns on the investment in evidence-based tobacco control, including smoking cessation interventions. A Stakeholder Interview Survey was developed to engage with the stakeholders in early phases of the development and country adaptation of the ROI tool. The survey assessed stakeholders' information needs, awareness about underlying principles used in economic analyses, opinion about the importance, effectiveness and cost-effectiveness of tobacco control interventions, and willingness to use a Health Technology Assessment (HTA) tool such as the ROI tool.Methods: A cross sectional study using a mixed method approach was conducted among participating stakeholders in the sample countries and the United Kingdom. The individual questionnaire contained open-ended questions as well as single choice and 7- or 3-point Likert-scale questions. The results corresponding to the priority and needs assessment and to the awareness of stakeholders about underlying principles used in economic analysis are analysed by country and stakeholder categories.Results: Stakeholders considered it important that the decisions on the investments in tobacco control interventions should be supported by scientific evidence, including prevalence of smoking, cost of smoking, quality of life, mortality due to smoking, and effectiveness, cost-effectiveness and budget impact of smoking cessation interventions. The proposed ROI tool was required to provide this granularity of information. The majority of the stakeholders were aware of the general principles of economic analyses used in decision making contexts but they did not appear to have in-depth knowledge about specific technical details. Generally, stakeholders' answers showed larger variability by country than by stakeholder category.Conclusions: Stakeholders across different European countries viewed the use of HTA evidence to be an important factor in their decision-making process. Further, they considered themselves to be capable of interpreting the results from a ROI tool and were highly motivated to use it. [ABSTRACT FROM AUTHOR]

The success of incentives for investments in sustainable residential energy technologies depends on individual households actively participating in the energy transition by investing in electrification and by becoming prosumers. This willingness is influenced by the return on investments in electrification and preferences towards environmental sustainability. Returns on investment can be supported by a preferential regulation of Citizen Energy Communities, i.e. a special form of a microgrid regulation. However, the exact effect of such regulation is debated and therefore analyzed in this study. We propose a multi-periodic community development model that determines household investment decisions over a long time horizon, with heterogeneous individual preferences in regards to sustainability and heterogeneous energy consumption profiles. We consider that investment decisions which increase individual utility might be delayed due to inertia in the decision process. Decisions are determined in our model based on individual preferences using a multi-objective evolutionary algorithm embedded in an energy system simulation. In a case study, we investigate the development of a neighborhood in Germany consisting of 30 households in regards to community costs and community emissions with and without Citizen Energy Community regulation as proposed by the European Union. We find that Citizen Energy Community regulation always reduces community costs and emissions, while heterogeneous distributions of economic and ecologic preferences within the community lead to higher gains. Furthermore, we find that decision inertia considerably slows down the transformation process. This shows that policymakers should carefully consider who to target with Citizen Energy Community regulation and that subsidies should be designed such that they counterbalance delayed private investment decisions. • We simulate private investment in Citizen Energy Communities (CECs) over time. • We differentiate between ecological and economical preferences of participants. • The impact of CEC regulation is largest for heterogeneous preferences. • CECs have a socially desirable influence on cost and emission in all analyzed cases. • Decision inertia slows down investment and should be considered by policymakers. [ABSTRACT FROM AUTHOR]

This paper seeks to analyse the relationship between wages and education at a European level, using a quantile regression in order to be able to extend the study along the whole wage distribution. This analysis is carried out for a sample of 14 European countries (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain and the United Kingdom), using the European Community Household Panel data-set. The paper aims to investigate whether the relationship between wages and education at European level is homogeneous and stable through time by running regressions for average and current (log)wages. Policy implications are derived. [ABSTRACT FROM AUTHOR]

The arguments for refinancing the European Union's (EU) higher education via higher tuition fees largely rest on preserving the profitability of the educational investment and offering deferred and income-contingent payments. Using income survey datasets on Belgium, Germany and the United Kingdom (UK) we first estimate how graduates' private return on educational investment is likely to be affected by higher private contributions. We then evaluate the effect of income-contingent and deferred payment mechanisms on lifetime net income and its capacity to account for graduates' ability to pay, considering numerous ways of financing the cost of introducing income-contingency. Our analysis reveals that increasing individuals' contributions to higher education costs, through income-contingent and deferred instruments, does not significantly affect the private rate of return of heterogeneous graduates, allows for payments to be indexed to ability to pay, and can be implemented in ways that minimize the risk of adverse selection. These findings prove robust to significant variations between countries' unharmonised higher education institutional structures. [Copyright &y& Elsevier]

The article reports on a survey of special schools for children with social, emotional, and behavioural difficulties (SEBD) in Germany. The schools were asked by standardised mail questionnaire about their organisational structures. The rate of return was 77% and a total of 397 schools were included in the interpretation of data. The questionnaire asked for several items to analyse the structural elements and organisational compositions of the schools. Rather than measuring the effects of instruction and treatment in the separate school settings, the present study is basic research aiming at stocktaking of the current organisational status of these schools that have barely been the focus of research. The number of structural problems that SEBD schools in Germany have to face is enormous, according to the findings. It is arguable whether optimal service delivery and support to the pupils is possible under the general conditions revealed by the present study, e.g., inadequate number of teachers and other staff members (and thus insufficient staff for child guidance), only a few schools offering full-time schooling services, and in only a few instances do we find inter-agency collaboration. [ABSTRACT FROM AUTHOR]

The German energy industries will be subjected to regulation of network access enforced by a sector-specific regulator. Whereas the gas industry broke the regime of negotiated third party access, in electricity nTPA 'worked', although it clearly resulted in a margin squeeze. The government currently discusses whether to use rate-of-return or incentive regulation, to allow ex ante approval of charges, and the length of the regulatory lag. Close examination suggests that generation capacity still is adequate, but in the longer term there is reason to be alert. The regulatory changes and emission trading system can both contribute to supply security by increasing investment. [ABSTRACT FROM AUTHOR]

The techno-economic feasibility of three biogas utilization processes was assessed through computer simulations on commercial process simulator Aspen HYSYS: HPC (biogas to methanol), BioCH 4 (biogas to biomethane) and CHP (biogas to heat & electricity). The last two processes are already used commercially with the aid of subsidy policies. The economic analysis indicates that, without these policies, none of these attain economic self-sustainability due to high overall manufacturing costs. The estimated minimum support cost (MSCs) were 108, 62 and 109 €/MWh for the HPC, BioCH 4 and CHP processes, respectively. The model could explain currently practised government subsidies in Italy and Germany. It was seen that the newly proposed HPC process is economically comparable to the traditional CHP process. Therefore, the HPC process is a possible alternative to biogas usage. A support policy was proposed: 50, 66, 158 and 148 €/MWh for available heat, methane, electricity and methanol (respectively); the proposed energy policy results in a 10% OpEx rate of return for any of the processes, thus avoiding a disparity in the production of different products. Image 1 • Techno-economic analysis of three different biogas utilization concepts. • HPC (methanol) Vs BioCH4 (biomethane) Vs CHP (heat & electricity). • Computer simulations are performed using commercial process simulator Aspen HYSYS. • BioCH4 process is the most competitive (62 €/MWh minimum support cost). • A support policy is proposed; it gives equal economic opportunity to all processes. [ABSTRACT FROM AUTHOR]

Storm induced water level elevations (i.e. surge) superimposing on high tides are among themost severe natural hazards along the German North Sea coast. Extreme water levels ofseveral meters have been observed over the last centuries but different researchstudies already suggest that these events have not yet been the worst physicallypossible combinations of tide and surge in this region. In the ongoing research projectEXTREMENESS*, we investigate the effect of different meteorological and astronomicalconditions and how they could amplify water levels under predictable but yet unobservedcombinations. As a case study, we focus on the Ems estuary and the region around the city ofEmden, Germany with a resulting water level amplification of 140 cm under present-day sealevel conditions. This scenario can be roughly rated as a 1,400-year return period event forthe harbor of Emden. In order to estimate potential consequences, we use the extreme storm surgescenario as well as an observed reference storm surge of 2006 (i.e. the event with thelargest water levels on record in our study region) as inputs of a two-dimensionalhydrodynamic-numerical model. We assume a failure of coastal protection structures atdifferent locations and simulate the resulting flooding for both the scenario and the reference.An assessment of flood consequences is then conducted at each assumed failurelocation. We finally compare these flood consequences to evaluate the increase indamage potential associated with the extreme but physically possible water levelamplification. The comparison with our reference event yields a simple but comprehensibledescription of the extreme scenario in addition to the rather theoretical, statistically basedestimate as a "1,400-year event". The results also highlight most vulnerable sections ofcoastal protection in case of a failure during a storm surge. In a next step we aim atintegrating critical infrastructures in our flood assessment to also include potentiallyaffected regions outside of the flood prone areas. This will allow an estimation oftotally affected people and assist local authorities by providing an overview ofrelevant infrastructure linkages. Furthermore our results are intended to increasedisaster awareness and preparedness in regions which are not directly vulnerable toflooding but to consequences of critical infrastructure failures including cascadingeffects. _______________________* EXTREMENESS is a German Coastal Engineering Research Council (KFKI) project,funded by the German Federal Ministry of Education and Research (BMBF) through theproject management of Projektträger Jülich PTJ under the grant number 03F0758B. [ABSTRACT FROM AUTHOR]