In den späten 90er Jahren entstanden zahlreiche internetbasierte Intermediäre mit dem Ziel, eine transparentere, kostengünstigere und marktnähere Emission von Wertpapieren zu ermöglichen. Während sich im Bereich festverzinslicher Wertpapiere einige Emissionsplattformen als Alternative zu...

A theory is developed that explains how the stock market can crash inthe absence of news about fundamentals, and why crashes are more commonthan frenzies. A crash occurs via the interaction of rational and naive investors.Naive traders believe in a simple (but reasonable) statistical modelof...

Using event study methodology, this paper tests whether stock market reactions differ when an alliance formation or termination is announced. In addition, the study provides an in-depth analysis of potential determinants of stock market reactions to alliance formation announcements.

Modeling expected cross-sectional stock returns has a long tradition in asset pricing. My dissertation is motivated by shortcomings of the prevailing and classically used portfolio sorting approach. Consequently, this thesis tackles the task with alternative methodologies. It comprises classical...