A fixed effects regression and two-step system generalized method of moments (GMM) is used to analyze secondary data from the World Bank, covering 163 countries over the period from 2000 to 2016. The study tests the relationship between renewable energy, urbanization, and CO2 emissions. The empirical results show that urbanization has an inverted U-shaped relationship with CO2 emissions, while renewable energy consumption mitigates CO2 emissions. If causal, a 1% increase in renewable energy use leads to a 1.2% decrease in CO2 emissions. The results also show that the GDP per capita has an inverted U-shaped relationship with CO2 emissions, confirming the environmental Kuznets curve (EKC). We also found that innovation, proxied by residents’ patents, has a non-linear effect on CO2 emissions. As a policy implication, developing countries should increase the share of renewable energy in their total energy use, and promote innovative activities by increasing government spending on R&D.
Purpose - the aim of the article was an analysis of the returns of universal Polish equity investment funds before and after the change of portfolio managers. The article deals with the following research problem: how the replacement of investment fund managers impacts the results of Polish equity funds. Methodology - the research methodology which used the indexes of relative strength allows determining the abnormal returns of funds in relation to the WIG Index before and after the change of managers. Findings - the analyses showed negative abnormal returns before changing managers and ambiguous tendencies after the change of managers. Originality - this kind of study has not been conducted for the Polish capital market so far.
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