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The purpose of this study is to capture value created by active funds in the German investment fund market. A sample of n = 194 actively managed funds is investigated to assess relative superior or inferior performance. For each actively managed fund, percentage changes in closing share prices for various investment periods are recorded and together set against the performance of the passive market. A benchmark is created out of the arithmetic mean of four passive exchange-traded funds representing more characteristics of the market than the S & P500 or DAX. Further benchmark comparison is conducted with generally accepted Market Research Returns, and various performance calculation measures are presented. Risk-adjusted performance results show that active funds can and do create value in terms of abnormal returns, but these are mostly offset by expenses. Regression results prevent a rejection of the null hypothesis, indicating that active funds in general do not create significant value in form of alpha.

Access to electricity is vital for the social and economic development of a country. Nevertheless, electrification is still a major challenge, especially for countries in sub-Saharan Africa (SSA). Growth in access to electricity in total numbers has slowed down in recent years. Namibia in particular appears to be in a predicament, since a large portion of its widespread population cannot be connected to the main grid at reasonable costs. Furthermore, Namibia relies heavily on imports of coal-based electricity, which limits the country’s ability to achieve its pledged sustainability goals. This is quite paradoxical as Namibia has one of the highest solar irradiation levels in the world, providing the possibility to generate large amounts of solar electricity at very low costs and to electrify rural areas through solar off-grid systems. These favorable conditions should be exploited, not least in view of the growing demand for energy, which potentially exacerbates the present situation. This paper therefore presents firstly general challenges for off-grid electrification and subsequently illustrates the effects in Namibia on the example of two off-grid areas in Gam and Tsumkwe. Several deficiencies within the country’s current off-grid approach are revealed, most notably the one-sided off-grid legislation and the neglect of educational outreach to the local community.

This paper analyzes the determinants of the capital structure of German companies. The data are based on the year-end values of 44 companies included in the SDAX for the 2017 financial year. The data are examined in a multiple regression analysis according to the ordinary least squares (OLS) method. The result basically shows a strong correlation for the market leverage ratio with the factors of company size and growth opportunities. Profitability plays only a subordinate role. No significant correlation with the capital structure of German companies in the SDAX has been found for the tangibility factor of the assets. Basically, the results of this work support trade-off theory more than pecking order theory and thus point to the existence of an optimal debt ratio.