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On July 31, 2001, for the first time in its history, the New York Stock Exchange began trading three unlisted securities. The DIA, SPY, and QQQ are the most actively traded Exchange Traded Funds (ETFs) and are listed on the American Stock Exchange. On April 15, 2002 another 27 ETFs followed....
Persistent link: https://www.econbiz.de/10012739144
I survey empirical studies on German corporate governance and conclude that they raise intriguing questions for future research and have important political implications. First, current German transparency legislation (WpHG) is not adequate to achieve the objective of transparency as stated by...
Persistent link: https://www.econbiz.de/10012739222
I analyze the effect of ownership structure and bank control on performance. I employ a unique data set of 715 German takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I find that takeovers increase bidder value, but...
Persistent link: https://www.econbiz.de/10012740761
We first analyze legal provisions relating to corporate transparency in Germany. We show that despite the new securities trading law (WpHG) of 1995, the practical efficacy of disclosure regulation is very low. On the one hand, the formation of business groups involving less regulated legal forms...
Persistent link: https://www.econbiz.de/10012743962
We test recent theories of when companies go public which predict that 1) more companies will go public when outside valuations are high or have increased, 2) companies prefer going public when uncertainty about their future profitability is high, and 3) firms whose controlling shareholders...
Persistent link: https://www.econbiz.de/10012751172
We test recent theories of when companies go public which predict that 1) more companies will go public when outside valuations are high or have increased, 2) companies prefer going public when uncertainty about their future profitability is high, and 3) firms whose controlling shareholders...
Persistent link: https://www.econbiz.de/10012717935
On July 31, 2001, for the first time in its history, the New York Stock Exchange began trading three unlisted securities. The DIA, SPY, and QQQ are the most actively traded Exchange Traded Funds (ETFs) and are listed on the American Stock Exchange. On April 15, 2002 another 27 ETFs followed....
Persistent link: https://www.econbiz.de/10012785799
To analyze the consequences of concentrated ownership and bank control for the performance of acquiring firms, I employ a unique data set of 715 German takeovers. First, I find that takeovers increase bidder value, but majority owners provide no clear benefit. Second, bank control is beneficial...
Persistent link: https://www.econbiz.de/10012783978
We analyze allocations to institutional and retail investors in 441 initial public offerings (IPOs). In addition to the well known favorable first-day returns, we show that institutions also obtain more allocations in IPOs with better long-term performance. We find that initial institutional...
Persistent link: https://www.econbiz.de/10012737599
I analyze market order execution quality using order-based data reported in accordance with SEC Rule 11Ac1-5. These data facilitate a comprehensive investigation of multiple dimensions of execution quality, including measures of costs and speed, for large samples of common stocks on Nasdaq and...
Persistent link: https://www.econbiz.de/10012783822