Showing 1 - 10 of 23
Based on a sample of 7,378 firms going public in the 1975-2005 period, we document a significant underperformance of IPO firms over the first year after going public, while there is virtually no underperformance thereafter. Moreover, by decomposing the Carhart-alpha we find that IPO...
Persistent link: https://www.econbiz.de/10005862629
We present a regression-based generalization of the calendar time portfolio approach which allows for decomposing the risk-adjusted performance of private investors (or firms or mutual funds) into multivariate and continuous subject characteristics. Our technique remedies several well-known...
Persistent link: https://www.econbiz.de/10005862642
The question of whether the CEO should also serve as chairman of the board is one of themost hotly debated issues in the recent corporate governance discussion. While agencytheoreticarguments advocate a separation of decision and control functions, the empiricalevidence focusing on U.S....
Persistent link: https://www.econbiz.de/10005867872
Based on a new methodological framework we investigate IPO (under-)performance in asample of 7,378 firms going public in the 1975-2005 period. We explicitly vary the time horizonin our analysis and document a significant underperformance of IPO firms over the firstyear after going public, while...
Persistent link: https://www.econbiz.de/10005865909
This paper examines properties of mean-variance inefficient proxies with respect to producing a linear relation between expected returns and betas. The numerical results of a Monte Carlo simulation show that in the CAPM slightly inefficient, positively weighted proxies cause an almost perfect...
Persistent link: https://www.econbiz.de/10005862639
This paper empirically investigates the impact of both the first release of analysts' stock recommendations to a limited clientele and the subsequent dissemination of the same information in a major newspaper to a broader audience. For a sample of 1460 stock recommendations published in FuW,...
Persistent link: https://www.econbiz.de/10005862885
This paper presents an integrated analysis of the relationships between managerial share ownership (or alternatively the percentage of equity-based compensation), four additional corporate governance mechanisms, and firm value by explicitly incorporating the simultaneity of the process...
Persistent link: https://www.econbiz.de/10005862888
Einleitung: In der zweiten Hälfte der neunziger Jahre ist die Verbesserung der CorporateGovernance börsennotierter Gesellschaften zu einem intensiv diskutiertenThema geworden. Im Unterschied zu früheren Debatten, wie sie vor etwazwanzig Jahren anlässlich der Arbeit von Jensen/Meckling (1976)...
Persistent link: https://www.econbiz.de/10005862982
The doctoral thesis of Louis Bachelier (1900) is widely considered as the seminal work inoption pricing theory. However, only a few years later, 1908, Vinzenz Bronzin, who wasa professor of actuarial science at the Accademia di Commercio e Nautica in Trieste,published a booklet (in German) on...
Persistent link: https://www.econbiz.de/10005862983
Recent empirical work shows evidence of a positive relationship between firm-specific corporate governance and firm valuation. Instead of looking at a single control mechanism, we use a broad corporate governance index and additional variables related to ownership structure, board...
Persistent link: https://www.econbiz.de/10005862993