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Dividend policy, corporate control and tax clienteles: The case of Germany

Andres, Christian; Betzer, André; Goergen, Marc - Center for Financial Studies - 2011

This paper studies the impact of the concentration of control, the type of controlling shareholder and the dividend tax … preference of the controlling shareholder on dividend policy for a panel of 220 German firms over 1984-2005. While the … concentration of control does not have an effect on the dividend payout, there is strong evidence that the type of controlling …

Persistent link: https://www.econbiz.de/10010958493

Private equity returns and disclosure around the world

Walz, Uwe; Cumming, Douglas - Center for Financial Studies - 2004

We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 2003) and...

Persistent link: https://www.econbiz.de/10010986361

Lifecycle impacts of the financial and economic crisis on household optimal consumption, portfolio choice, and labor supply

Chai, Jingjing; Maurer, Raimond H.; Mitchell, Olivia S.; … - Center for Financial Studies - 2011

The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and...

Persistent link: https://www.econbiz.de/10010958546

Do firms buy their stock at bargain prices? Evidence from actual stock repurchase disclosure

Ben-Rephael, Azi; Oded, Jacob; Wohl, Avi - Center for Financial Studies - 2011

We use new data from SEC filings to investigate how S&P 500 firms execute their open market repurchase programs. We find that smaller S&P 500 firms repurchase less frequently than larger firms, and at a price which is significantly lower than the average market price. Their repurchase activity...

Persistent link: https://www.econbiz.de/10010958675

Investing at home and abroad: Different costs, different people

Christelis, Dimitris; Georgarakos, Dimitris - Center for Financial Studies - 2009

We investigate US households' direct investment in stocks, bonds and liquid accounts and their foreign counterparts, in order to identify the different participation hurdles affecting asset investment domestically and overseas. To this end, we estimate a trivariate probit model with three...

Persistent link: https://www.econbiz.de/10010958746

Blockholder dispersion and firm value

Konijn, Sander J. J.; Kräussl, Roman; Lucas, André - Center for Financial Studies - 2010

This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...

Persistent link: https://www.econbiz.de/10010986382

Mergers and acquisitions in Germany : social-setting and regulatory framework

Schmid, Frank A. (contributor); Wahrenburg, Mark (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001817426

Governance und Vertragsstrukturen in der deutschen VC Industrie: Eine empirische Einschätzung

Bienz, Carsten; Hirsch, Julia; Walz, Uwe - Center for Financial Studies - 2008

Diese Arbeit analysiert die wesentlichen Elemente der Vertragsstrukturen in der Venture Capital-Industrie. Aufbauend auf einem sehr umfangreichen und detaillierten Datensatz, der die Verträge zwischen Venture Capital-Investoren und deren Portfoliounternehmen abbildet, werden die Kontroll-,...

Persistent link: https://www.econbiz.de/10010986442

The dynamics of venture capital contracts

Bienz, Carsten; Hirsch, Julia - Center for Financial Studies - 2005

We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure milestone financing, pure round financing and...

Persistent link: https://www.econbiz.de/10010986443

Universal Banks and Relationships with Firms

Elsas, Ralf; Krahnen, Jan Pieter - Center for Financial Studies - 2003

Some of the most widely expressed myths about the German financial system are concerned with the close ties and intensive interaction between banks and firms, often described as Hausbank relationships. Links between banks and firms include direct shareholdings, board representation, and proxy...

Persistent link: https://www.econbiz.de/10010986500