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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

The crisis of fair value accounting: Making sense of the recent debate

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

The recent financial crisis has led to a vigorous debate about the pros and cons of fair-value accounting (FVA). This debate presents a major challenge for FVA going forward and standard setters' push to extend FVA into other areas. In this article, we highlight four important issues as an...

Persistent link: https://www.econbiz.de/10010958757

Die Betreuer am Neuen Markt: eine empirische Analyse

Gerke, Wolfgang; Bosch, Robert - Center for Financial Studies - 1999

Die Betreuer am neuen Markt sollen die Effizienz des Handels durch Bereitstellung zusätzlicher Liquidität erhöhen. Die vorliegende Studie untersucht den Liquiditätsbeitrag der Betreuer in zwei aufeinanderfolgenden Jahren. Die Beteiligung der Betreuer am Umsatz des Marktes hat im beobachteten...

Persistent link: https://www.econbiz.de/10010986407

The evolution of global standards of accounting

Gebhardt, Günther - Center for Financial Studies - 1999

The globalization of markets and companies has increased the demand for internationally comparable high quality accounting information resulting from a common set of accounting rules. Despite remarkable efforts of international harmonization for more than 25 years, accounting regulation is still...

Persistent link: https://www.econbiz.de/10010986378

Competition between exchanges: Euronext versus Xetra

Kasch-Haroutounian, Maria; Theissen, Erik - Center for Financial Studies - 2006

, are significantly higher in Euronext. Neither differences in the number of liquidity provision agreements nor differences … in the minimum tick size or in the degree of domestic competition for order flow explain the different spread levels. We …

Persistent link: https://www.econbiz.de/10010986385

Internalisierung und Marktqualität: Was bringt Xetra Best?

Theissen, Erik - Center for Financial Studies - 2002

Deutsche Börse AG plans to introduce a system (Xetra Best) allowing brokers and brokerdealers to internalize the orders of retail customers. Further, Xetra Best supports payment for order flow arrangements. Both internalization and payment for order flow may be detrimental to market quality....

Persistent link: https://www.econbiz.de/10010986401

The impact of hidden liquidity in limit order books

Frey, Stefan; Sandås, Patrik - Center for Financial Studies - 2008

We report evidence that the presence of hidden liquidity is associated with greater liquidity in the order books …, greater trading volume, and smaller price impact. Limit and market order submission behavior changes when hidden liquidity is … present consistent with at least some traders being able to detect hidden liquidity. We estimate a model of liquidity …

Persistent link: https://www.econbiz.de/10010986420

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

Has there always been underpricing and long-run underperformance? IPOs in Germany before World War I

Schlag, Christian; Wodrich, Anja - Center for Financial Studies - 2000

This paper provides empirical evidence on initial public offerings (IPOs) by investigating the pricing and long-run performance of IPOs using a unique data set collected on the German capital market before World War I. Our findings indicate that underpricing of IPOs has existed, but has...

Persistent link: https://www.econbiz.de/10010958520

Insiders-outsiders, transparency and the value of the ticker

Cespa, Giovanni; Foucault, Thierry - Center for Financial Studies - 2008

We consider a multi-period rational expectations model in which risk-averse investors differ in their information on past transaction prices (the ticker). Some investors (insiders) observe prices in real-time whereas other investors (outsiders) observe prices with a delay. As prices are...

Persistent link: https://www.econbiz.de/10010958522

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