This paper examines the informational efficiency of loans relative to bonds surrounding loan default dates and bond default dates. We examine this issue using a unique dataset of daily secondary market prices of loans over the11/1999-06/2002 period.(...)

The European insurance industry is currently undergoing a substantial change in financial reporting requirements. Beginning in 2005, compliance with the International Financial Reporting Standards (IFRS) has been required in the European Union. Substantial sections of the IFRS - leading to a...

Directors’ Dealings have been extensively analysed especially for U.S. and U.K.stock markets. This event study is meant to bridge the gap for Germany, Italy andthe Netherlands. The question to be investigated is whether board members andother company insiders earn abnormal returns with market...

This paper deals with the impact of the arrival of public information on the intraday trading of highly liquid stocks quoted on the Paris Bourse.

A large part of the current debate on US stock price behaviorconcentrates on the question of whether stock prices are driven byfundamentals or by non-fundamental factors(...)

Die Arbeit geht auf die Frage ein, ob behaviorale Modelle empirisch überprüft werden können, weil die weichen Faktoren der Marktteilnehmer (ihr Behavior) sowie die Transzendenz dieser Begriffe mit einer wissenschaftlichen Unsicherheit assoziiert sind...

Der Beitrag widmet sich der Frage, ob der Markt für feine Bordeauxweineinformationseffizient ist. Wir finden deutliche Hinweise dafür, dass der Markt für die von uns untersuchten Weine nicht informationseffizient ist.

To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs during the subscription period. We examine these pre-issue prices and find that they are highly informative. They are closer to the...

This paper examines the IPO pricing processes of two different markets, each of which employs bookbuilding methods for marketing the IPO shares. For each market we investigate two questions:(...)

We propose an explanation for the "disappearing dividend" phenomenon: the decline in the information content of dividend announcements. This reduces the propensity of firms to pay or increase dividends, since dividends are costly.(...)