Private Equity ist außerhalb des Fachpublikums von vielen Mythen und Missverständnissen umgeben. Dies fängt bereits bei der Funktionsweise und Größe des Sektors an, aber auch über die Profitabilität und die Gebührenstruktur von Private Equity Gesellschaften gibt es falsche Vorstellungen....

This paper traces the location of foreign banks in Germany from 1949 to 2006. As suggested by new economic geography models we find a 'u'-shaped concentration of foreign banks in Germany. Only after a competition between several cities, Frankfurt has emerged as the pre-eminent financial centre,...

In this paper, we first discuss the notion of important financial centres and the socioeconomic and political conditions which need to be fulfilled for such a centre to exist. We then address the issue of the so-called end of geographyʺ which has attracted a lot of attention recently. Under...

This paper examines the financing structure of small and medium-sized enterprises (SMEs) in Germany and questions whether an equity gap - or, more generally, a financing gap -exists. Reviewing the literature and available data sources, we find that financing constraints seem to affect, if at...

National borders are still strong barriers for mergers and acquisitions in Europe. We estimate a gravity equation model based on NUTS 2-regions and find that the restraining impact of national borders decreased by about a third between 1990 and 2007. However, there has been no significant change...

This paper examines shareholder wealth effects of cross-border acquisitions. In a sample 155 large acquisitions by German corporations from 19852006 international transactions total do not lead to significant announcement returns. Geography, however, makes a difference: Shareholders of acquiring...

Sowohl die Diversifikation als auch die Fokussierung von Unternehmensaktivitäten werden häufig mit der Maximierung des Unternehmenswertes begründet. Wir untersuchen die Auswirkungen auf den Aktienkurs für 184 Akquisitionen sowie 139 Desinvestitionen deutscher Konzerne im Zeitraum von...