Die Deutsche Bahn AG, derzeit ein dem Bund gehörender Konzern, soll zumindest teilweise privatisiert werden. Darin sind sich die maßgeblichen politischen Kräfte einig. Über die Art und Weise der Privatisierung besteht aber keine Einigkeit. Dirk Ehlers, Universität Münster, stellt die fünf...

This article examines the current status of the efficient markets hypothesis (EMH), which Fama proclaimed to be a well substantiated truth in 1978. The claims of EMH have been challenged by behavioural theory (which shows that individuals do not act to maximise their utility as asserted by...

This article examines the claim of securities markets efficiency based on the efficient markets hypothesis (EMH), which Fama proclaimed to be a well substantiated truth in 1978. Behavioural theory shows that individuals do not act to maximise their utility as asserted by neoclassical economists,...

The relation between market risk and asset returns can be modeled with the Security Market Line (SML), a positive linear relation between expected excess asset returns and the asset's beta. Pettengill et al (1995) make the case that tests of beta must be conditioned upon excess market returns to...

This appendix contains additional figures and tables referenced in the paper, but not included in the main figures and tables. It contains the geographic distribution of shareholders and a visualization of the business network. It includes alternative specifications for the county-level and...

This paper canvasses the trends in self-regulation and the role of self-regulation in securities markets in different parts of the world. The paper also describes the conditions in which self-regulation might be an effective element of securities markets regulation, particularly in emerging...

According to statute, securities exchanges play an essential role in ensuring compliance with applicable laws and industry standards. Long imagined as unique in their institutional capacity to bring traders together, collect information and exclude problem participants from the marketplace,...