Similar Search Results

Exit timing of venture capitalists in the course of an initial public offering

Neus, Werner; Walz, Uwe - Center for Financial Studies - 2002

may use underpricing as a device for credibly committing themselves to acquiring reputation. … until the true value is revealed. We show that the dilemma may be resolved via a reputation-acquiring mechanism in a … a high degree of price uncertainty. Furthermore, we provide a new rationale for underpricing. Young venture capitalists …

Persistent link: https://www.econbiz.de/10010986431

Are IPOs of different VCs different?

Tykvová, Tereza; Walz, Uwe - Center for Financial Studies - 2004

This paper aims to analyze the impact of different types of venture capitalists on the performance of their portfolio firms around and after the IPO. We thereby investigate the hypothesis that different governance structures, objectives and track record of different types of VCs have a...

Persistent link: https://www.econbiz.de/10010986446

Underpricing of venture-backed and non venture-backed IPOs: Germany's Neuer Markt

Franzke, Stefanie A. - Center for Financial Studies - 2003

contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and …/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex …

Persistent link: https://www.econbiz.de/10010958567

Trade-throughs in European cross-traded equities after transaction costs: Empirical evidence for the EURO STOXX 50

Ende, Bartholomäus; Lutat, Marco - Center for Financial Studies - 2010

The new regulatory environment triggered by MiFID has resulted in a transformed competitive landscape and increased fragmentation among execution venues in Europe. One key component of MiFID is best execution, i.e. investment firms are obliged to achieve the best result for customer orders on a...

Persistent link: https://www.econbiz.de/10010986425

Private benefits and minority shareholder expropriation: Empirical evidence from IPOs of German family-owned firms

Ehrhardt, Olaf; Nowak, Eric - Center for Financial Studies - 2001

Our study examines the existence and the nature of private benefits of control in Germany. We do this by analyzing initial public offerings of founding-family owned firms and tracking their fate up to ten years following the IPO. Our sample includes a uniquely rich data set of 105 IPOs of...

Persistent link: https://www.econbiz.de/10010986426

Stock market interactions and the impact of macroeconomic news: Evidence from high frequency data of European futures markets

Canto, Bea; Kräussl, Roman - Center for Financial Studies - 2006

This study analyzes the short-term dynamic spillovers between the futures returns on the DAX, the DJ Eurostoxx 50 and the FTSE 100. It also examines whether economic news is one source of international stock return co-movements. In particular, we test whether stock market interdependencies are...

Persistent link: https://www.econbiz.de/10010986456

Electronic trading systems and intraday non-linear dynamics: An examination of the FTSE 100 cash and futures returns

Canto, Bea; Kräussl, Roman - Center for Financial Studies - 2007

This paper focuses on dynamic interactions of equity prices among theoretically related assets. We explore the existence of intraday non-linearities in the FTSE 100 cash and futures indices. We test whether the introduction of the electronic trading systems in the London Stock Exchange in 1997...

Persistent link: https://www.econbiz.de/10010986493

Analysis of binary trading patterns in Xetra

Maurer, Kai-Oliver; Schäfer, Carsten - Center for Financial Studies - 2010

This paper proposes the Shannon entropy as an appropriate one-dimensional measure of behavioural trading patterns in financial markets. The concept is applied to the illustrative example of algorithmic vs. non-algorithmic trading and empirical data from Deutsche Börse's electronic cash equity...

Persistent link: https://www.econbiz.de/10010986498

Did fair-value accounting contribute to the financial crisis?

Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...

Persistent link: https://www.econbiz.de/10010958489

When an event is not an event: The curious case of an emerging market

Bhattacharya, Utpal; Daouk, Hazem; Jorgenson, Brian; … - Center for Financial Studies - 1998

Shares trading in the Bolsa mexicana de Valores do not seem to react to company news. Using a sample of Mexican corporate news announcements from the period July 1994 through June 1996, this paper finds that there is nothing unusual about returns, volatility of returns, volume of trade or...

Persistent link: https://www.econbiz.de/10010958597

1
2
3
4
5
6
7
8
9
10
Next
Last