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The Role of ESG Ratings on Stock Market Responses to Environmental Fines
No full textThis study examines how Environmental, Social, and Governance (ESG) ratings influence stock returns and volatility levels following an environmental penalty. The analysis compares two key mechanisms: the commitment effect, in which ESG ratings mitigate negative market reactions due to a firm’s long-term orientation, and the values betrayal effect, in which ESG ratings amplify penalties due to unmet expectations.
The analysis is based on a sample of 91 U.S.-based firms which incurred an environmental fine between 2002 and 2023. The Cumulative Abnormal Returns (CARs) are calculated using the Carhart four-factor model.
The results show that high-ESG firms experience significantly larger negative CARs than low-ESG firms, pointing towards the values betrayal effect. On the other hand, the regression analysis mainly captures insignificant results, highlighting the contingent framework of ESG ratings: ESG ratings do not uniformly protect or amplify stock market reactions. The volatility analysis, based on a GARCH (1,1) model, reveals an insignificant greater increase in volatility levels for high-ESG firms compared to low-ESG firms.
The core insight is the heterogeneous impact of ESG ratings on both return and volatility following an environmental fine, challenging the assumption that ESG ratings shape consistent market responses.
Keywords: ESG, Environmental Fines, Cumulative Abnormal Return (CAR), Carhart Four-Factor Model, Event Study, GARCH Model
The Impact of International Remittances on Human Development in Dominican Households
No full textThis thesis explores the impact of international remittances on human development outcomes in Dominican households in the rural area of La Vega in the Dominican Republic. It draws on qualitative data from ten semi-structured interviews and is supplemented by household surveys. Which allows for an analysis of how remittances influence economic, social, and human capital as well as financial and emotional wellbeing. Anchored in both a New Economics of Labor Migration (NELM) and capabilities approach, the research reveals that remittances serve as a vital financial lifeline for most households, enabling access to education, healthcare, housing improvements, and small-scale investments. At the same time, the findings highlight nuanced dynamics of dependency and inequality, as well as the emotional and social tensions that accompany reliance on support from abroad. This study contributes to the migrationdevelopment nexus literature by providing localized, micro-level insights on the transformative role of remittances and invites reflection on the long-term sustainability of remittance-based development in translocal communities
Tropes of migration: The symbolic meaning of the narrative tropes of the desert, prison, and sea in the migrant story of Io Capitano.
No full textProtecting or Hurting? A Critical Event Study of Two Major Protectionist Trade Policies Under Trump
No full textThis study investigates the protectionist trade policies of the Trump administration during its first term by critically examining two key measures through which Donald Trump sought to “make America great again”: the imposition of tariffs on aluminium and steel, and the renegotiation of the North American Free Trade Agreement (NAFTA), aimed at protecting the U.S. automotive industry. It examines whether these policies were perceived as protective by the targeted industries by analyzing their market responses using an event study methodology based on the Market Model, a widely used approach in financial economics for estimating abnormal stock returns around key policy events. Drawing on insights from existing literature, the study hypothesizes that such protectionist actions would elicit a positive response from investors in the affected sectors. Contrary to expectations, the findings reveal a predominantly negative market sentiment within the industries targeted for protection surrounding major policy dates. The study finds that elevated uncertainty, particularly regarding regulatory details, communication, and subsequent policy steps, played a significant role in shaping investor responses. Moreover, the broader economic drawbacks of protectionist measures may have further contributed to the negative market reaction
Environmental Regulation and FDI Inflows: Evidence from OECD countries
No full textThis thesis investigates the effect of environmental regulations on foreign direct investment (FDI) inflows. Existing literature provides mixed evidence, and this thesis aims to contribute to the academic debate. It does this by disaggregating environmental regulations into market-based, nonmarket-based and technology support policies and conducting a regional, sectoral and income group analysis. A two-way fixed effects model is employed on a panel dataset of 33 OECD countries from 2002 to 2020. The results show that there is no significant overall effect of environmental policy stringency (EPS) on FDI inflows. However, the heterogeneity analysis reveals that there is significant heterogeneity across regions and sectors. In some regions, EPS and its subcomponents do attract FDI and in other regions there is no significant relationship. Furthermore, the sectoral analysis shows that in most sectors there is no significant relationship, in other sectors the results reveal that there are significant positive and negative effects of EPS on FDI inflows. These results offer important insights into the relationship between environmental regulations and FDI, as the relationship is shown to be context dependent
Singing the football club – A study regarding the contents of chants in Dutch professional football and their effect on the creation and contestation of community
No full textThis thesis investigates the dual character of chants in Dutch professional football, focussing on the clubs Ajax, PSV and Feyenoord. Chants are central to the stadium experience, reinforcing communities and identities of supporters, while simultaneously reinforcing exclusion, rivalry and aggression. Through a qualitative multi-method approach, including thematic analysis, close readings and semi-structural interviews with supporters (liaisons), this study explores the duality of chants, drawing on theoretical concepts as performativity (Butler 1988), Imagined communities (Anderson 1983), bordering (van Houtum 2010), ordering (van Houtum & van Naerssen 2002; van Houtum 2021) and othering (Staszak 2020). Findings show that chants depict the “self” through bordering, ordering and othering practices as loyal, victorious, strongly associated with the location of origin, red and white coloured and active. However, the “other” is often depicted as the opposite: less worthy of sportive success, deserving of being scolded, sometimes through antisemitism or homophobia. Despite hurtful depictions, some supporters perceive hateful expressions as detached from their own personal belief systems, highlighting a discrepancy between on- and off- sports attitudes. This thesis argues for a more nuanced understanding of chant culture for individual agency, contextual meaning and the duality of chants as an inherently inclusive and exclusive practice
Glasscherven in de wederopbouw - Een onderzoek naar glas-in-loodramen en de Katholieke Kerk tussen 1945-1962 Femke Huis s1075776 15-06-2025 Bachelor scriptie Kunstgeschiedenis Scriptiebegeleider: Sjors
No full textTijdens een bezoek aan de Dom van Keulen kwam ik oog in oog te staan met glas-in-loodramen
gemaakt door Gerhard Richter uit 2007. Het raam was op een onverwachte manier
vormgegeven en wekte belangstelling door de lichtval. Opvallend was hoeveel aandacht er was
voor de architectuurgeschiedenis van de kerk, terwijl de glasramen relatief onderbelicht bleven.
Terug in Nederland viel het op dat hier de informatie rondom glas in lood ook beperkt was. Dit
was de aanleiding om een onderzoek te starten naar glas in lood. De spanning tussen de fragiele
aard van het glas en de destructieve aard van de oorlog vormde het uitgangspunt om specifiek
onderzoek te doen naar glas-in-loodramen in de wederopbouwperiode.
Dit onderzoek beschouwt glas in lood als een communicatief middel. Het fungeert niet alleen
als drager van Bijbelse verhalen, maar ook als uitdrukking van de waarden, spanningen en
idealen van de Katholieke Kerk. Door middel van iconografische analyse, literatuuronderzoek
en historisch bronnenonderzoek worden er drie verschillende casestudies geanalyseerd om
inzicht te krijgen in hun boodschap en hoe die de Kerk uit de periode van 1945-1962 reflecteert.
De centrale onderzoeksvraag is “Wat communiceren glas-in-loodramen in de periode van 1945-
1962 in Nederland over de Katholieke Kerk?”.
Ondanks de opvallende aanwezigheid van glas-in-loodramen is er weinig onderzoek naar
gedaan. Deze scriptie beoogt daarom bij te dragen aan een opvulling van de kenniskloof omtrent
glas in lood en meer informatie te verkrijgen over de mogelijkheden van glas in lood als
communicatiemiddel.
In het onderzoek wordt er via historisch context zes hypothesen opgesteld. Vervolgens worden
er drie casestudies geanalyseerd. De verkregen informatie wordt gebruikt om de zes hypothesen
te toetsen. De drie casestudies zijn: Het Sint Martinusraam (1948), De wonderbaarlijke
visvangst (1960) en een ramencyclus uit de Sint Catharinakerk in Eindhoven.
De belangrijkste conclusie is dat, ondanks verschillen in stijl en thematiek, de onderzochte
ramen een aantal overkoepelende thema’s delen. Ze reflecteren op geweld en goddelijk oordeel,
benadrukken het belang van missie en kerkgemeenschap, maar vermijden expliciete
verwijzingen naar het Jodendom.
Hoewel dit onderzoek inzicht biedt in de communicatieve functies van glas-in-loodramen in de
wederopbouwperiode, is het gebaseerd op een beperkt aantal casestudies. Hierdoor zijn de
conclusies niet te gebruiken als generalisatie, daar is verder onderzoek voor nodig
Exploring Strategic Diversity; How Gelderland’s RES Regions Navigate the Energy Transition
No full textThe transition from non-renewable to renewable energy is one of the main pillars of the Dutch Climate Agreement. To make this transition possible, the National Program Regional Energy Strategy has been formulated. This thesis has analysed how Regional Energy Strategy (RES) regions in the Dutch province of Gelderland utilized the freedom of action granted by the NPRES in shaping their RES 1.0. Specifically, it examines regional differences in ambition levels, renewable energy source mixes, and participatory approaches, and explores the reasons for these variations. A qualitative, comparative case study design has been used to compare the RES 1.0 documents of the six selected regions, complimented by interviews. The findings reveal that the regions reflect differences in all three variables. The differences between the regions in the ambition level are due to spatial limitations, inter-municipal dynamics and prior experience with energy transition projects. Variation in renewable energy source mixes are primarily driven by levels of resistance to wind energy projects. The revealed differences in public participation are due to a lack of knowledge and a feeling of abstractness by residents. Overall, the diverse ways in which regions exercise their freedom of action result in strategies that are tailored to region-specific contexts
Cybersecurity disclosure content changes across multiple 10-K items following severe data breaches: Evidence before and after the SEC’s 2018 guidance.
No full textThis study explores how cybersecurity disclosure content has changed across multiple 10-K items—specifically, Item 1: Business; Item 1A: Risk Factors; Item 3: Legal Proceedings; Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations; and Item 8: Financial Statements and Supplementary Data—after severe data breaches, both before and after the SEC’s 2018 interpretive guidance. This study manually extracts and analyses cybersecurity disclosure content from 10-K items with inductive coding to address the limitations of the “bag-of-words” approach, and to explore deeper insights of cybersecurity disclosure content changes. Moreover, qualitative comparative textual analysis is chosen to perform three main comparisons—before and after severe data breaches, across 10-K items and pre and post the SEC’s 2018 interpretive guidance—which bring new insights into the main debate in the literature, whether cybersecurity disclosures are boilerplate or informative. This study reached several conclusions. First, cybersecurity disclosure content has shifted from cybersecurity risks and incidents to risks and future statements after the SEC’s 2018 guidance. Second, management strategically allocates cybersecurity disclosures from Item 3 to Item 8, disclosing just in one item instead of two. Third, cybersecurity disclosures increase in incident content and risks and future statements after severe data breaches. However, further exploration revealed that management slightly changes cybersecurity disclosures after severe data breaches, raising concerns about the informativeness for stakeholders
“’K moet u eerst iets fraaijs verkoopen…”: Harlekijn “verhollandst” in Langendijks Arlequin Actionist (1720)
No full textWith the play Arlequin Actionist (1720), playwright Pieter Langendijk introduced a
transformed version of the traditional figure of the harlequin Arlecchino to the Netherlands. This
“Dutchified” harlequin, portrayed as a bold actionist, humorously offered audiences a moment of
reflection on the speculative trading practices known as the windtrade. This thesis focuses on the
transformation of the harlequin into a distinctly Dutch actionist within the context of the
eighteenth-century financial speculation. Through a textual analysis of both the original play as its
accompanying title engraving, various concepts from Erika Fischer-Lichte’s The Semiotics of
Theatre from 1992 are applied to Langendijks version of the harlequin as actionist. The analysis
shows that the harlequin as an actionist manipulates his environment on linguistic level through
confusion, irony and knowledge of Dutch trading traditions. Arlequin’s kinetic expressions in the
play are characterized by a clownesque form of gesture and dance, with which he theatrically
exaggerates the commercial mindset. On a visual level, forms of humanization are introduced to
the character in several aspects, which makes him appear more as an actionist. This adaptation of
Arlequin into a Dutch actionist turns him into a theatrical medium for reflection on the speculative
trading culture of the Netherlands in the eighteenth century