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This paper studies the short-run announcement effects of compliance with the German Corporate Governance Code (‘the Code’) on firm value. Event study results suggest that firm value is unaffected by the announcement, although such market reactions to the first time disclosure of the...
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On October 26, 2008, Porsche announced a largely unexpected domination plan for Volkswagen. The resulting short squeeze in Volkswagen's stock briefly made it the most valuable listed company in the world. We argue that this was a manipulation designed to save Porsche from insolvency and the...
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At the end of January 2021, a group of stocks listed on US stock exchanges experienced sudden surges in their stock prices, which - coupled with high short interest – led to brief short squeeze episodes. We argue that these short squeezes were the result of coordinated trading by retail...
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This chapter explores the stock price impact of expirations of lock-up provisions that prevent insiders from selling their shares after the Initial Public Offering (IPO). We examine 172 lock-up expirations of 142 IPOs floated on Germany’s Neuer Markt. We detect significant negative abnormal...
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