@phdthesis{Liebscher2017, author = {Liebscher, Roberto}, title = {Three essays on financial intermediation [cumulative dissertation]}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:824-opus4-5125}, school = {Katholische Universit{\"a}t Eichst{\"a}tt-Ingolstadt}, year = {2017}, abstract = {This dissertation comprises three individual essays which can be grouped under the banner of "Financial Intermediation". In the first essay it is analyzed whether there are persistent differences in the performance of different CLO managers in the presumably information inefficient market for syndicated loans. The results suggest that greater management skills are reflected in higher risk-adjusted returns. Moreover, CLO managers seem to profit from private information captured through their affiliation to private equity firms invested in the equity of the firms which debt the CLO holds. This is one of the results of the second paper in which also a clear preference for "own debt" is found for the very first time. This finding has broader implications also for the borrowing costs which shrink through the demand pressure affiliated CLOs create thereby creating incentives for higher levels of debt. In the third article the reaction of socially responsible investment (SRI) stock funds to changes in corporate social responsibility as measured by changes in the constitution of the Dow Jones Sustainability Index relative to conventional funds is analyzed. The results raise doubt on the SRI label: The reaction to index changes is no different for SRI funds than for conventional ones. Furthermore, neither the label nor the average ESG rating are valid predictors for the reaction to changes in the index.}, subject = {Kapitalmarkt}, language = {en} }