Empirical evidence is offered about the change in ownership structure following Initial Public Offerings (IPOs) and its impact on the long-term stock performance of family-owned firms in Germany. The data analyzed include 105 IPOs of founding family-owned firms floated between January 1970 and...

Private equity has traditionally been thought to provide diversi cation bene ts. However, these benefi ts may be lower than anticipated. We find that private equity suffers from signifi cant exposure to the same liquidity risk factor as public equity and other alternative asset classes. The...

Germany and the United States are generally seen as the two competing systems of corporate governance. In search for a comparative welfare analysis of the financial systems, we are interested in (i) the aggregate value-added of corporate investments in the two countries and in (ii) the...