The fifth merger wave in the USA and the parallel fourth merger wave in the UK that occurred in the 1990s was characterised by a large number of acquisitions of firms operating in high technology areas, such as the telecommunications, computers, the Internet, biotechnology, communications etc....

Die vorliegende Dissertation umfasst vier Aufsätze, die die Rohstoffterminmärkte untersuchen. Die Schwerpunkte der Studien liegen in den folgenden Bereichen: Volatilitätsmuster und Forecasting, Interdependenz von Rohstofftermin- und Aktienmärkten, Einfluss von Sentiment auf die Rendite von...

This paper finds substantial risk diversification potential between certain commodity groups and stocks by exploring the dependence between their patterns of regime switching. None of the commodity groups share a common volatility regime with stocks, nor are the regime switching patterns of...

We identify a strong presence of sentiment exposure in commodity futures returns. Sentiment is able to provide additional explanatory power for comovement among commodity futures beyond the macro- and equity-related sources. Commodity futures with low open interest growth, high volatilities, low...

This thesis tries to establish first a comprehensive and realistic theoretical system in which trust changes, and then explores different interesting issues using different methods like comparison analysis, econometric analysis and agent-based modeling. The theoretical system restored in this...

News about macroeconomic fundamentals and geopolitical events affect crude oil markets differently. Using sentiment scores for a broad set of global news of different types, we find that news related to macro fundamentals have an impact on the oil price in the short run and significantly predict...

We examine whether equity carve-outs (ECOs) lead to improvements in the functioning of the internal capital markets (ICM) of diversified firms. Divestments, including spin-offs, sell-offs and ECOs, can be employed by firms to improve allocative efficiency. Equity carve-outs, unlike spin-offs and...

This study provides evidence on the determinants of exit strategies for UK leveraged buyouts (LBOs). Using a sample of 104 going concern UK LBOs exited by the LBO sponsors between 1998 and 2004, we analyse the determinants of the exit routes - IPO, trade sale or secondary LBO (SBO) - by...

We study the effect of different acquirer types defined by financial status and their payment methods on their short and long-term performance in terms of abnormal returns using a variety of benchmark models. For a sample of 543 UK acquirers during 1983-95, we examine the relative performance of...

Whether corporate acquisitions create or destroy value for shareholders is still an unresolved issue. One type of corporate acquisition is made when another firm carries out a divestiture. Evidence on the wealth effects of such partial acquisitions is limited to a few US studies. This study...