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German Exchange Rate Exposure at DAX and Aggregate Level, International Trade, and the Role of Exchange Rate Adjustment Costs

Jamin, Gösta; Entorf, Horst - 2004

This article analyses value changes of German stock market companies in response to movements of the US dollar. The approach followed in this work extends the standard means of measuring exchange rate exposure in several ways (e.g. by using multi-factor modelling instead of augmented CAPM,...

Persistent link: https://www.econbiz.de/10010297319

Price Discovery for Cross-Listed Securities from Emerging Eastern European Countries

Wölfle, Marco - 2007

This study provides empirical evidence verifying the theory of price discovery for Eastern European enterprises based on their cross-listing on Western European exchanges. Despite the fact that the crosslisting behavior of companies has been analyzed very actively since the mid-70s, many...

Persistent link: https://www.econbiz.de/10010297968

Readdressing the trade effect of the Euro: Allowing for currency misalignment

Hogrefe, Jan; Jung, Benjamin; Kohler, Wilhelm K. - 2010

We know that euro-area member countries have absorbed asymmetric shocks in ways that are inconsistent with a common … conventional trade cost channel and trade effects deriving from 'implicit currency misalignment'. Econometric estimation reveals … estimates of the euro effect on trade based on misalignment. This reveals asymmetric trade effects and heterogeneous outlooks …

Persistent link: https://www.econbiz.de/10010300380

The Connection of Stock Markets Between Germany and the USA: New Evidence From a Co-integration Study

Eberts, Elke - 2003

run. Thus, the estimation period shows that with increasing forecasting horizon predictability of simple real returns of …

Persistent link: https://www.econbiz.de/10010297288

Multifaktormodelle zur Erklärung deutscher Aktienrenditen: eine empirische Analyse

Stehle, Richard; Schulz, Anja; Schröder, Michael; … - 2003

Dieses Papier untersucht, inwieweit Multifaktormodelle nach Fama/French (1993) am deutschen Aktienmarkt die zeitliche Streuung von Renditen abbilden und Portfolio-Renditen im Querschnitt erklären können. Analog zu vergleichbar angelegten Studien am US-amerikanischen, kanadischen und britischen...

Persistent link: https://www.econbiz.de/10010297296

The Impact of Training on Earnings: Differences Between Participant Groups and Training Forms

Kuckulenz, Anja; Zwick, Thomas - 2003

one-step full-information maximum likelihood and a two stage least squares estimation to regress the impact of training …

Persistent link: https://www.econbiz.de/10010297306

Modeling Asset Returns: A Comparison of Theoretical and Empirical Models

Lüders, Erik; Schröder, Michael - 2004

model performs well, the estimation for two indices could be significantly improved by an extension which follows from the …

Persistent link: https://www.econbiz.de/10010297345

Are IPOs of Different VCs Different?

Tykvová, Tereza; Walz, Uwe - 2004

This paper sets out to analyze the influence of different types of venture capitalists on the performance of their portfolio firms around and after IPO. We investigate the hypothesis that different governance structures, objectives, and track records of different types of VCs have a significant...

Persistent link: https://www.econbiz.de/10010297354

Returns to Education and Individual Heterogeneity

Pohlmeier, Winfried; Pfeiffer, Friedhelm; Maier, Michael - 2004

In this paper, human capital investments are evaluated by assuming heterogeneous returns to education. We use the potential outcome approach to measure the causal effect of human capital investments on earnings as a continuous treatment effect. Empirical evidence is based on a sample of West...

Persistent link: https://www.econbiz.de/10010297356

The Power Law and Dividend Yields

Lüders, Erik; Lüders-Amann, Inge; Schröder, Michael - 2004

Recent research suggests that the power law is one of the most universal laws in nature and it also seems to work quite fine in economics and finance. In this paper we show that the power law explains extremely well the relationship between the value of broad-based market indices and their...

Persistent link: https://www.econbiz.de/10010297376