Entrepreneurial high-technology start-up firms usually need equity in order to finance their research, product development, and in particular growth opportunities due to new ideas and innovation. In an advanced stage they often require even larger financial resources and may raise equity by...

We investigate the performance of a sample of German mutual equity funds over the period from 1994 to 2003. Our general finding is that mutual funds, on average, hardly produce excess returns relative to their benchmark that are large enough to cover their expenses. This conclusion is drawn from...

Aktivistische Hedgefonds stellen mit ihren Forderungen die Arbeitnehmerseite grundsätzlich vor beträchtliche Herausforderungen. Institutionelle Investoren dagegen erhoffen sich erhebliche finanzielle Vorteile in Gestalt auftretender Kursanstiege ("Announcement-Effekt"). Die vorliegende Studie...

Given the tremendous growth of factor allocation strategies in active and passive fund management, we investigate whether factor or sector asset allocation strategies provide investors with a superior performance. Our focus is on comparing factor versus sector allocations as some recent...

The Black-Litterman (BL) model aims to enhance asset allocation decisions by overcoming the weaknesses of standard mean-variance (MV) portfolio optimization. In this study we implement the BL model in a multi-asset portfolio context. Using an investment universe of global stock indices, bonds,...

In dieser Studie wird die Qualität der individuellen Gewinnprognosen von Finanzanalysten sowie deren Effizienz relativ zu einer naiven Random-Walk-Prognose untersucht. Die Datenbasis für die Untersuchung umfasst 171.281 Gewinnprognosen für Unternehmen des deutschen Kapitalmarktes. Die...

We study for a sample of international mergers and acquisitions the effectiveness of three takeover bidding strategies first in preventing bidder contests and second, if a contest has occurred, in increasing the probability of a successful offer. Our results indicate that support for the...

Aim: In this study, we examine the changes in default risk of the bidder over the course of a merger or acquisition. The data set consists of 531 deals in which the acquirers are European firms. We employ a general set of determinants to analyse the change in default risk and extend the...

Aim: We analyze stock market reactions to merger and acquisition announcements for firms in Europe and contribute to the literature by providing empirical evidence how the decisions with respect to alternative financing sources (equity or debt) and the methods of payment (cash or stock) affect...