The dramatic drop in prices on the German stock exchange in the period from2000 to 2003 was one cause for the rising number of delistings in Germany. Thisdevelopment triggered the study on the aptitude of listed companies to remainlisted although the authors were well aware that a negative...

Applying the framework of conditional event studies shows that equity issues reveal managers‟private information about stock mispricing, which investors only partially discount into stockprices at the seasoned equity offering (SEO) announcement date. Negative abnormal returnsoccur as prices...

Government-nanced bank restructuring programs, occasionally costing up to 50% of GDP,are commonly used to resolve banking crises. We analyze the Ramsey-optimal paths of bankrecapitalization programs that weigh recapitalization benets and costs under dierent nancingoptions. In our model bank...

The consensus about the ability of the standard open-economy neoclassical growthmodel to account for interest-rate driven business cycles has changed over time:whereas early research concluded that business cycles are neutral to interest-rateshocks, more recent investigations suggest that these...

We investigate the performance of a sample of German mutual equity funds overthe period from 1994 to 2003. Our general finding is that mutual funds, on average,hardly produce excess returns relative to their benchmark that are large enough tocover their expenses. This conclusion is drawn from a...

This paper investigates the impact of individual bank fundamental variables onstock market returns using data from a panel of 235 European banks from 1991to 2005. The sample period marks a significant transition in the European bankingsector, characterized by higher competition, lower profit...

Im Rahmen einer Fragebogenuntersuchung werden die Determinanten derKapitalstrukturpolitik bzw. der Finanzierungsentscheidungen bei deutschen,österreichische n und schweizerischen börsennotierten Unternehmen untersucht.Die Ergebnisse decken sich weitgehend mit der Befragungsstudie vonGraham und...

Bei der Ausgabe von Aktien, im Zuge einer Kapitalerhöhung gegen Einlagen oder einerNutzung genehmigten Kapitals, und der Ausgabe von Wandel- und Gewinnschuldverschreibungenund Genußrechten steht Aktionären grundsätzlich ein Bezugsrecht auf dieneuen Finanztitel entsprechend ihrer Beteiligung...

Nach dem Niedergang des Neuen Marktes und dem Aufstieg Londons als Börsenplatz fürjunge Unternehmen gründete die Frankfurter Wertpapierbörse im Oktober 2005 den EntryStandard.„Schwach reguliert“ und damit gewissermaßen das Gegenstück zum „streng regulierten“Prime Standard mit...

In a Lucas orchard with heterogeneous beliefs, we study the link between market-wide uncertainty, difference of opinionsand co-movement of stock returns. We show that this link plays an important role in explaining the dynamics of equilibriumvolatility and correlation risk premia. In our...