We survey 54 corporate Commercial Paper (CP) issuers from 11 European countries in order to analyse the perceived benefits and obstacles of internet platforms for issuing CP in Europe. The lack of a joint initiative of large CP issuers, close relations to banks and the fact that liquidity is...

Despite their theoretical efficiency in selling shares to the public, auctions are not the preferred mechanisms of issuers in Initial Public Offerings (IPOs). Chemmanur and Liu (2006) [WP] and Sherman (2005) [JFE 78, 615-649] provide a rational explanation for this IPO auction puzzle. They argue...

In den späten 90er Jahren entstanden zahlreiche internetbasierte Intermediäre mit dem Ziel, eine transparentere, kostengünstigere und marktnähere Emission von Wertpapieren zu ermöglichen. Während sich im Bereich festverzinslicher Wertpapiere einige Emissionsplattformen als Alternative zu...

We analyse the performance of simple investment strategies in IPOs based on a large sample of IPOs in Germany between 1985 and 2002. In particular, we compare the performance of the following strategies: Invest equally weighted in each IPO, invest market value weighted in each IPO, invest in an...

Objectives All western healthcare systems are confronted with a rising number of new health technologies. To support decision-making processes with sound information about new health technologies, some countries have established "Horizon Scanning Systems (HSS)". This paper gives an overview of...

If individuals have to evaluate a portfolio (or sequence) of lotteries their judgment is influenced by the portfolio presentation mode. Experimental studies (Redelmeier and Tversky, 1992, Benartzi and Thaler, 1998) found significantly higher acceptance rates for a sequence of lotteries, if the...

In standard bank theoretic models agents are assumed to be fully rational expected utility maximizers. This fact ignores the huge amount of evidence for anomalies in human behavior found by psychologists. In this paper we argue that the implementation of behavioral concepts into banking theory...

In this study, we analyze whether individual expectations of stock returns are influenced by the specific elicitation mode (i.e. whether forecasters have to state future price levels or directly future returns). We thus examine whether there are framing effects in stock market forecasts. We...

We examine the developments of depositor knowledge, attitudes, and behavior throughout the recent financial crisis and discuss their impact on bank run risk. Based on a self-collected data set surveying depositors before (2007), at (2008), and after the peak of the crisis (2009), we observe a...