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Default Risk and Equity Returns: A Comparison of the Bank-Based German and the U.S. Financial System
Breig, Christoph; Elsas, Ralf - 2009
In this paper, we address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. Using an implementation of Merton's option-pricing model for the value of equity to estimate firms' default risk, we construct a factor that measures the...
Persistent link: https://www.econbiz.de/10010427776
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Beta and returns revisited evidence from the German stock market
Elsas, Ralf; El-Shaer, Mahmoud; Theissen, Erik - In: Journal of international financial markets, … 13 (2003) 1, pp. 1-18
Persistent link: https://www.econbiz.de/10001723744
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Default risk and equity returns : a comparison of the bank-based German and the U.S. financial system
Breig, Christoph; Elsas, Ralf - 2009
In this paper, we address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. Using an implementation of Merton's option-pricing model for the value of equity to estimate firms' default risk, we construct a factor that measures the...
Persistent link: https://www.econbiz.de/10003922696
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Universal banks, corporate control, and equity carve-outs in Germany
Elsas, Ralf; Löffler, Yvonne - In: Kredit und Kapital 41 (2008) 4, pp. 557-587
Persistent link: https://www.econbiz.de/10003804654
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Equity carve-outs and corporate control in Germany
Elsas, Ralf - 2001
Persistent link: https://www.econbiz.de/10013444450
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Beta and returns revisited : evidence from the German stock market
Elsas, Ralf - 1999
Persistent link: https://www.econbiz.de/10013444867