Despite the longstanding insider trading debate, there is little empirical research on insider trading laws, especially in a comparative context. The article attempts to fill that gap. I find that countries with more prohibitive insider trading laws have more diffuse equity ownership, more...

Le début du XXIeme a connu un essor remarquable des marchés financiers, de l’innovation et des processus de déréglementation. L’inflation faible, la liquidité abondante, la confiance dans les marchés efficaces et autorégulateurs ont conduit a une perception généralisée de risque...

We investigate different designs of circuit breakers implemented on European trading venues and examine their effectiveness to manage excess volatility and to preserve liquidity. Specifically, we empirically analyze volatility and liquidity around volatility interruptions implemented on the...

We study circuit breakers in a fragmented, multi-market environment and investigate whether a coordination of circuit breakers is necessary to ensure their effectiveness. In doing so, we analyze 2,337 volatility interruptions on Deutsche Boerse and research whether a volume migration and an...

Excess returns for Scandinavian IPO-firm initial buy recommendations registered on the First Call database from underwriter analysts (informed analysts) for 1996-2002 were compared to those of non-underwriter analysts (uninformed analysts). Underwriter analysts recommendations outperformed...

This paper offers a new framework for the assessment of financial market liquidity and identifies two types: search liquidity and systemic liquidity. Search liquidity, i.e. liquidity in “normal” times, is driven by search costs required for a trader to find a willing buyer for an asset...

What were the economic benefits and costs of preventing a stock market meltdown during the summer of 2015 by the Chinese government intervention? We answer this question by estimating the value creation for the stocks purchased by the government between the period starting with the market crash...

In this paper, we evaluate firm-, industry- and country-specific factors determining a firm's capital structure. The empirical validity of several capital structure theories has been ambiguous so far. We shed light on the main drivers of leverage and depict differences in industry and country...

Die neuen Märkte für den Transfer von Kreditrisiken tragen auf unterschiedliche Weise und mit Hilfe verschiedener Mechanismen zur Vervollkommnung, Vervollständigung und Informationsversorgung der Finanzmärkte bei. Der Vergrößerung der Handlungsoptionen einzelner Marktteilnehmer sowie der...

Modern financial regulation has been about the spread of market-sensitive riskmanagement systems for banks, the spill-over of this approach to other financial institutions and the retreat of regulatory ambition. There is evidence that these trends are leading to a more fragile financial system,...