From 1990 through 2005 18 German firms listed their shares in the U.S. in the hopes of increasing their market values and lowering their cost of capital. We examine whether these anticipated benefits materialized and find the companies obtained no valuation benefits from their listings. The...

Purpose -The objective of this study is to investigate the long-run performance of initial public offerings (IPOs) in Germany for the period from 1977 to 1995. The paper studies why some IPO firms have substantial positive and others have substantial negative long-run buy-and-hold abnormal...

In dieser Studie wird die Qualität der individuellen Gewinnprognosen von Finanzanalysten sowie deren Effizienz relativ zu einer naiven Random-Walk-Prognose untersucht. Die Datenbasis für die Untersuchung umfasst 171.281 Gewinnprognosen für Unternehmen des deutschen Kapitalmarktes. Die...

In dieser Studie wird die Qualität der individuellen Gewinnprognosen von Finanzanalysten sowie deren Effizienz relativ zu einer naiven Random-Walk-Prognose untersucht. Die Datenbasis für die Untersuchung umfasst 171.281 Gewinnprognosen für Unternehmen des deutschen Kapitalmarktes. Die...

In recent years, the use of stock options as an incentive compensation scheme has evolved to be one of the most debated topics in the finance literature as well as in the corporate world. The investigations into the option granting practices at a number of U.S. firms, which were accused of...

In this study we analyze the IPO exit behavior of venture capitalists (VCs) in the Neuer Markt, the former market for young growth companies in Germany. We find empirical evidence that VCs were able to time their exit quite successfully in the primary market and to some extent also in the...

The objective of this study is to investigate the long-run performance of initial public offerings (IPO) in Germany for the period from 1977 to 1995. Of particular interest is to examine whether underpricing and the timing of subsequent seasoned equty offerings (SEO) may help to explain why some...