German Abstract: Die empirische Evidenz zum Einfluss von demographischen Merkmalen deutscher Topmanager auf ihre Organisationen ist noch überschaubar. Diese Studie untersucht, inwieweit individuelle Faktoren und Finanzkennzahlen die Amtsdauer eines Vorstandsvorsitzenden in großen deutschen...

This paper analyzes how convertible debt is used in a high-risk, emerging industry setting. We argue that there is a lifecycle component to the design and market impact of convertible debt securities. Contrary to prior cross-industry research findings, we show that convertible debt in the...

The collapse of the collateralized debt obligation (CDO) market brought attention to the soundness of the involved banks. We infer equity price reaction from rating announcements that are either negative rating outlooks or rating downgrades of CDO. To explain the market reactions, we consider...

This study examines the performance of 196German and Spanish stocks three years after initial public offerings (IPOs)between 1990 and 2000. Since family-owned businesses play such a large role inthe GDPs and employment of developed economies, the analysis distinguishesbetween family and...

The brewing industry has recently experienced increased merger activity. This paper analyzes the shortterm wealth effects of horizontal mergers and acquisitions on acquirers in the brewing industry. Based on a sample of 69 takeover announcements between 1998 and 2010, significant positive...

Unlike for other asset classes the performance of direct property has been researched only to a small extent, especially as single-property data are hardly available. This study for the first time investigates the performance of direct property in Germany based on single-property data.Aims of...

This article examines the long-run stock market performance of German and Spanish initial public offerings (IPOs) between 1990 and 2000. We distinguish between family- and nonfamily-owned business IPOs by using the power subscale of the F-PEC. Buy-and-hold-abnormal returns (BHAR) are calculated...

We study the readability of academic publications and its impact on article citations. We analyze 4,160 finance articles published in three flagship finance journals (JF, JFE, RFS) from 2000-2016, and find a positive correlation between reading complexity and the number of citations achieved by...