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. Arithmetic versus geometric mean estimators: Setting discount rates for capital budgeting. <italic>European Financial Management</italic> 2 (July): 157-67] regarding...

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...

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...