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Corporate Restructuring and Creditor Power : Evidence from European Insolvency Law Reforms

Closset, Frédéric; Großmann, Christoph; Kaserer, … - 2021

In an attempt to match US bankruptcy law, many European countries have reformed their insolvency laws towards a regime … difference-in-differences analysis around eight insolvency reforms in 15 European countries, this paper finds a relative increase …. Overall, the results are consistent with the view that creditors may be negatively affected by insolvency law reforms oriented …

Persistent link: https://www.econbiz.de/10013244320

Corporate restructuring and creditor power : evidence from European insolvency law reforms

Closset, Frédéric; Großmann, Christoph; Kaserer, … - In: Journal of banking & finance 149 (2023), pp. 1-18

Persistent link: https://www.econbiz.de/10014462347

European private equity funds : a cash flow based performance analysis

Diller, Christian; Kaserer, Christoph - 2004 - Version: May 2004

This paper presents a cash flow based analysis of the return and risk characteristics of European Private Equity Funds. For that purpose a comprehensive data set has been provided by Thomson Venture Economics. We document the typical time pattern of cash flows for European private equity funds....

Persistent link: https://www.econbiz.de/10009231547

Capital structure decisions in family firms: empirical evidence from a bank-based economy

Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - Fakultät für Wirtschaftswissenschaften, Technische … - 2009

This study examines how family firm characteristics affect capital structure decisions. In our analysis we disentangle the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the founding family. Thereby, we use a unique panel...

Persistent link: https://www.econbiz.de/10009219898

Measuring market liquidity risk - which model works best?

Ernst, Cornelia; Stange, Sebastian; Kaserer, Christoph - Fakultät für Wirtschaftswissenschaften, Technische … - 2009

Market liquidity risk, the difficulty or cost of trading assets in crises, has been recognized as an important factor in risk management. Literature has already proposed several models to include liquidity risk in the standard Value-at-Risk framework. While theoretical comparisons between those...

Persistent link: https://www.econbiz.de/10009219901

DAXplus family: Ein Aktienindex zur Darstellung der Performance von Familienunternehmen

Achleitner, Ann-Kristin; Kaserer, Christoph; Kauf, Tobias; … - Fakultät für Wirtschaftswissenschaften, Technische … - 2010

In January 2010 the Deutsche Börse Group introduced two family firm stock indices. Both indices are calculated as price and performance indices and extend the number of investment strategy indices of Deutsche Börse Group. The DAXplus Family is an all-share index whereas the DAXplus Family 30...

Persistent link: https://www.econbiz.de/10009219902

The impact of managerial ownership, monitoring and accounting standard choice on accrual mispricing

Gegenfurtner, Bernhard; Ampenberger, Markus; Kaserer, … - Fakultät für Wirtschaftswissenschaften, Technische … - 2009

We analyse to what extent the accrual anomaly is related to the choice of the accounting system as well as firm-level heterogeneity in corporate governance mechanisms. Using a unique dataset of listed German firms over the period 1995 to 2005 we first corroborate former results indicating that...

Persistent link: https://www.econbiz.de/10009219905

The impact of order size on stock liquidity: a representative study

Stange, Sebastian; Kaserer, Christoph - Fakultät für Wirtschaftswissenschaften, Technische … - 2008

Liquidity, the ease of trading an asset, strongly varies between different sizes of stock positions. We analyze this aspect using the Xetra Liquidity Measure (XLM), which calculates daily, weighted spread for impatient traders transacting against the limit order book. For this measure, we have...

Persistent link: https://www.econbiz.de/10009219914

Why and how to integrate liquidity risk into a VaR-framework

Stange, Sebastian; Kaserer, Christoph - Fakultät für Wirtschaftswissenschaften, Technische … - 2008

We integrate liquidity risk measured by the weighted spread into a Value-at-Risk (VaR) framework. The weighted spread measure extracts liquidity costs by order size from the limit order book. We show that it is precise from a risk perspective in a wide range of clearly defined situations. Using...

Persistent link: https://www.econbiz.de/10009219930

The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany

Achleitner, Ann-Kristin; Kaserer, Christoph; … - Fakultät für Wirtschaftswissenschaften, Technische … - 2009

Recent research indicates that the majority of listed firms in Germany (and also in many other countries around the world) have a dominant owner rather than being widely-held. Hence, owner-dominated firms comprise an important subset of listed companies. This article introduces the concept of an...

Persistent link: https://www.econbiz.de/10009219935