We look at the wealth generated for shareholders of energy assets in Central and Eastern Europe (CEE) by the announcement of cross-border mergers or acquisitions involving a bidder from a Western industrialized country between 1995 and 2005. The impact on both the performance improvements at the...

We look at the wealth generated for shareholders of energy assets in Central and Eastern Europe (CEE) by the announcement of cross-border mergers or acquisitions involving a bidder from a Western industrialized country between 1995 and 2005. The impact on both the performance improvements at the...

Many textbooks present mutual funds as financial institutions that collect money and trade various financial securities on behalf of their investors who benefit from professional management, effective diversification and high liquidity with relatively low minimum investment requirements. Mutual...

In den letzten Jahren haben öffentlich-rechtliche Kreditinstitute zunehmend Kapitalbeteiligungsgesellschaften gegründet. Wie sind diese unter Corporate Governance Gesichtspunkten zu beurteilen? Gibt es Kontrolldefizite bei den Beteiligungsgesellschaften? Können dort anreizkompatible...

Mit dem diesjährigen Nobelpreis für Wirtschaftswissenschaften wurden zwei Vertreter geehrt, die im Rahmen von zahllosen Serien von Individual- und Marktexperimenten Erkenntnisse der psychologischen Forschung in die Wirtschaftswissenschaften einbrachten. Welche Folgen hatte ihre Forschung für...

The real estate finance industry has experienced significant consolidation since the early 1990s and continues to change rapidly through mergers and acquisitions. But are these transactions creating value for the respective shareholders as they should? Interestingly, despite ongoing...

Since the late 1990s, the construction industry has undergone a change in business model, as contractors vertically expand their operations to other parts of the real estate life cycle. The question arises on whether construction companies have superior abilities as real estate service...

The real estate banking industry in Germany has undergone severe changes due to changes in the legal framework, consolidation processes and economic crisis. As one of the results, German banks begin to sell their portfolios of non performing real estate loans. The six relevant transactions in...

A number of studies suggests the availability of information as a possible explanation for the home bias in international stock portfolios. They argue that competence effects play a prominent role in the evaluation of domestic stocks and consequently lead to a bias in stock return expectations....

Eine stärkere Konzentration des Börsenhandels und dessen Unterstützung durch elektronische Handelsmedien sind zur Zeit insbesondere in Deutschland und der Schweiz Gegenstand einer kontrovers geführten Diskussion. Ein wesentliches Ziel dieser geplanten Maßnahmen bildet die erhoffte...