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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
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Exchange trading rules, surveillance and insider trading
Aitken, Michael; Cumming, Douglas; Zhan, Feng - Center for Financial Studies - 2013
We examine the impact of stock exchange trading rules and surveillance on the frequency and severity of suspected insider trading cases in 22 stock exchanges around the world over the period January 2003 through June 2011. Using new indices for market manipulation, insider trading, and...
Persistent link: https://www.econbiz.de/10010958550
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High frequency trading and end-of-day price dislocation
Aitken, Michael; Cumming, Douglas; Zhan, Feng - Center for Financial Studies - 2013
We show that the presence of high frequency trading (HFT) has significantly mitigated the frequency and severity of end-of-day price dislocation, counter to recent concerns expressed in the media. The effect of HFT is more pronounced on days when end of day price dislocation is more likely to be...
Persistent link: https://www.econbiz.de/10010958725
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Corporate Governance in Germany: An Economic Perspective
Schmidt, Reinhard H. - Center for Financial Studies - 2003
regarded as the standard example of an insider-controlled and stakeholder-oriented system. Moreover, only a few years ago it …
Persistent link: https://www.econbiz.de/10010958676
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Corporate Governance in Germany: An Economic Perspective
Schmidt, Reinhard H. - Center for Financial Studies - 2003
regarded as the standard example of an insider-controlled and stakeholder-oriented system. Moreover, only a few years ago it …
Persistent link: https://www.econbiz.de/10005138838
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Human capital and optimal redistribution
Koeniger, Winfried; Prat, Julien - Center for Financial Studies - 2014
We characterize optimal redistribution in a dynastic family model with human capital. We show how a government can improve the trade-off between equality and incentives by changing the amount of observable human capital. We provide an intuitive decomposition for the wedge between human-capital...
Persistent link: https://www.econbiz.de/10011076247
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Countdown for the New Basle Capital Accord: Are German banks ready for the internal ratings-based approach?
Ewert, Ralf; Szczesny, Andrea - Center for Financial Studies - 2001
This paper uses a unique data set from credit files of six leading German banks to provide some empirical insights into their rating systems used to classify corporate borrowers. On the basis of the New Basle Capital Accord, which allows banks to use their internal rating systems to compute...
Persistent link: https://www.econbiz.de/10010958658
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Stakeholder capitalism, corporate governance and firm value
Allen, Franklin; Carletti, Elena; Marquez, Robert - Center for Financial Studies - 2007
We consider the advantages and disadvantages of stakeholder-oriented firms that are concerned with employees and … suppliers as well as shareholders compared to shareholderoriented firms. Societies with stakeholder-oriented firms have higher … voluntarily choose to be stakeholder-oriented because this increases their value. Consumers that prefer to buy from stakeholder …
Persistent link: https://www.econbiz.de/10010958691
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Financial disclosure and market transparency with costly information processing
Di Maggio, Marco; Pagano, Marco - Center for Financial Studies - 2014
We study a model where some investors ("hedgers") are bad at information processing, while others ("speculators") have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from trading,...
Persistent link: https://www.econbiz.de/10010961636
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Hold-up in multiple banking: Evidence from SME lending
Brunner, Antje; Krahnen, Jan Pieter - Center for Financial Studies - 2010
This paper analyzes loan pricing when there is multiple banking and borrower distress. Using a unique data set on SME lending collected from major German banks, we can instrument for effective coordination between lenders, carrying out a panel estimation. The analysis allows to distinguish...
Persistent link: https://www.econbiz.de/10010958524