Using a data set of German stocks that includes the financial crisis, this paper identifies market liquidity as the main driver of return seasonality. In comparison, the economic significance of order flow imbalance is markedly weaker. Applying panel regressions and controlling for unobserved...

Diese Dissertation adressiert die zum Thema Fallen Angel Aktien bestehende Forschungslücke. Dabei kann sie Anlegern zu besseren Investmententscheidungen und die bestehende Kluft zwischen den Investmentstilen Value und Growth überbrücken helfen. Erstmalig wird ein systematischer und empirisch...

We are interested in the effect of capital income taxes upon security prices when investors face locally segmented stock markets and a global bond market. Therefore, we analyze an equilibrium model of an economy with binomial uncertainty, an exogenous risk-free interest rate and a representative...

Pre-bid target share price movements are potentially increasing the cost of takeovers and thus are seen as a detriment for the efficiency of the market for corporate control. This pa-per investigates the relationship of pre-bid stock price movements, takeover regulation and offer premium and...