We compare the estimator for discount rates according to Elsner and Krumholz (EK) (2013) to the approach propagated in Breuer et al. (2014) (BFM). While the EK estimator is derived analytically and implies a correcting factor by which the original arithmetic mean estimator is adjusted, the BFM...

We test the extent and determinants of bias effects of the arithmetic as well as the geometric mean estimator and the estimator of Cooper (1996) regarding discount rate estimation for firm valuation by way of a bootstrap approach for thirteen different countries. The Cooper estimator is...

At a time of deepening divisions between China and Global North countries, Germany and China are swimming against the tide by cooperating closely in the highly sensitive area of technical standardization. We offer an explanation of this puzzling partnership that combines insights from the IR...

Studying a unique sample of 103 European equity carve-outs occurring between 1994 and 2004 I find highly significant abnormal returns of more than 2% around the announcement date. Announcement effects differ significantly between different law systems and decrease with minority shareholders'...

Although there are several studies examining positive abnormal returns following announcements of equity carve-outs, relatively poor evidence exists on the motivation and the design of subsidiaries' IPOs. Analyzing 40 German carve-outs from 1984 to 2002 I find evidence indicating that both...

We analyze the role of different kinds of primary and secondary market interventions for the government's goal to maximize its revenues from public bond issuances. Some of these interventions can be thought of as characteristics of a "primary dealer system". After all, we see that a primary...

Investors need performance measures particularly as a means for funds selection in the process of exanteportfolio optimization. Unfortunately, there are various performance measures recommended for differentdecision situations. Since an investor may be uncertain which kind of decision problem is...