Complex risks and challenges for investors: On the risk of liquidity and carbon dependent assets

The dissertation is divided into two parts and structured as follows. Chapter II presents the innovative approach which enables researchers and investors to measure stock picking skill more precisely than in existing literature. This helps investors to choose actively managed funds that are more likely to beat their benchmark. Chapter III and chapter IV are about carbon risk. While chapter III provides an overview of the distribution of carbon risk among the different investor categories like hedge funds, mutual funds and governments etc., chapter IV explicitly investigates how mutual fund managers deal with it. The last chapter V sums up the results of this dissertation, shows some limitations and gives an understanding of research ideas that might be relevant in the future based on the insights provided in this dissertation. The rest of chapter I ends with the following brief summaries of the research articles provided in this dissertation