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Asset price processes are completely described by information processes and investor´s preferences. In this paper we derive the relationship between the process of investor´s expectations ofthe terminal stock price and asset prices in a general continuous time pricing kernel framework. To...
Persistent link: https://www.econbiz.de/10005146741
The paper investigates the impact of corporate governance on the performance of 361 German corporations over the time period 1991 to 1996. We find ownership concentration to affect profitability significantly negatively. Representation of owners on the board of executive directors does not make...
Persistent link: https://www.econbiz.de/10005562293
Strong lending relationships between banks and small and medium-sized enterprises (SMEs) play a key role in the bank-based financial system of Germany. So far, they have been mainly described by the notion of a housebank and transactional features of long-term bank-customer relationships. In...
Persistent link: https://www.econbiz.de/10005146746
Strong lending relationships between banks and small and medium-sized enterprises (SMEs) play a key role in the bank-based financial system of Germany. So far, they have been mainly described by the notion of a housebank and transactional features of long-term bank-customer relationships. In...
Persistent link: https://www.econbiz.de/10010324040
The paper investigates the impact of corporate governance on the performance of 361 German corporations over the time period 1991 to 1996. We find ownership concentration to affect profitability significantly negatively. Representation of owners on the board of executive directors does not make...
Persistent link: https://www.econbiz.de/10010324052