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Der Deutsche Mittelstandsanleihenmarkt war ein positiv antizipiertes Segment, welches es, beginnend etwa im Jahre 2010, auch kleineren Firmen erlaubte, Anleihen auf Börsen auszugeben. Nach einem gutem Start häuften sich Zinszahlungsausfälle und Konkurse der Emittenten. Diese dramatische Entwicklung führte zu einer emotionalen Diskussion und vielen Schuldzuweisungen und es entstand ein dringendes Bedürfnis, dieses Segment mit objektiven, wissenschaftlichen Instrumenten zu untersuchen., The German Small- and Medium Entreprise (SME) Bond market (Deutsche Mittelstandsanleihenmarkt) was a widely celebrated segment which permitted, around the beginning of the 2010s, smaller firms to place bonds on German exchanges as restrictions were lifted and/or reduced. The initial feedback was thoroughly positive and a multitude of firms entered the market until, within a few years time, the first firms defaulted on their interest or principal payments. Suddenly, a strong decrease in issuance activity was observed. In parallel, the positivity towards the segment among stakeholders, financial market experts and banks started to decline. Whenever something starts out so auspiciously and crashes back down to earth so discouragingly, there will be many questions regarding the nature of this collapse. Several potential culprits were identified quickly - the media, underwriters, exchanges, the issuing firms themselves, investors, ... - no-one was safe of being accused to bear some or all of the blame. Naturally, this kind of discussion does not do much to forward actual understanding of the underlying factors for this development. Therefore, a strong need arose to analyze this segment objectively with proper scientific instruments., Abweichender Titel laut Übersetzung der Verfasserin/des Verfassers, Arbeit an der Bibliothek noch nicht eingelangt - Daten nicht geprüft, Innsbruck, Univ., Diss., 2021

The impact on energy performance certificates on housing prices has been investigated extensively in recent years. However, the results of these investigations are mixed. We add to the literature by more specifically controlling for potential biases, by employing a combination of alternative approaches to estimate the causal relationship between house prices and energy performance certificates. We use a traditional hedonic modeling approach, but we additionally employ propensity score methods to be able to compare treated houses with a control group. We also investigate the impact of the outliers, spatial dependency, and parameter heterogeneity of our estimates. Moreover, we use the quantile regression technique to test the hypothesis that the capitalization effect varies across the price distribution. Our results, analyzing more than 100,000 observations, indicate there is an upward bias if one is not controlling for outlier and selection bias. Regardless of the propensity score method approach, the results are lower than a model (around 3 percent capitalization, compared to 6 percent). However, our results do not support that the impact of energy performance certificates varies in the price distribution. Consequently, the certificates are not differently capitalized in the high-end housing price segment. Finally, our results support the hypothesis that the energy performance certificate should be more capitalized into house prices in the northern and colder parts of Sweden than in the southern regions., QC 20200107