Kumulative Dissertation, Otto-Friedrich-Universität Bamberg, 2026

This thesis addresses two key areas of current financial research: sustainable finance and digital finance. The first thematic focus is on the analysis and construction of ESG (Environmental, Social, Governance) ratings. Three studies examine the extent to which ESG ratings contain financially relevant information and how their methodology can be improved. The central question is which characteristics sustainability ratings need to exhibit in order to be financially meaningful and price-relevant. The aim is to enhance the quality of information provided by existing ESG ratings and improve their usefulness for capital market decisions, thereby enabling capital to be allocated more efficiently to sustainable companies and projects. The second focus of the thesis is on digital financial markets. A supplementary study analyses the absence of arbitrage in cryptocurrency markets, thereby examining their efficiency and their ability to accurately reflect information in prices.