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The (Ir)relevance of Disclosure of Compliance with Corporate Governance Codes-Evidence from the German Stock Market

Nowak, Eric; Rott, Roland; Mahr, Till G. - Institut für Schweizerisches Bankwesen <Zürich> - 2006

This paper studies the short- and long-run announcement effects of declaring compliance with the German Corporate Governance Code (the Code). We examine a unique, hand-collected data set of 317 German listed firms from 2002-2005. First, we present evidence from an analysis of firms compliance...

Persistent link: https://www.econbiz.de/10005858374

Ein Corporate Governance Ratingfür deutsche Publikumsgesellschaft

Drobetz, Wolfgang; Schillhofer, Andreas; Zimmermann, Heinz - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

Die aktuelle Corporate Governance Literatur stützt die verbreitete Hypothe-se, dass sicht gute Corporate Governance durch eine höhere Unterneh-mensbewertung manifestiert. Die Mehrzahl der empirischen Studien unter-sucht jedoch nur ausgewählte Corporate Governance Mechanismen...

Persistent link: https://www.econbiz.de/10005858711

The Political Economy of Bank- and Market Dominance

Thadden, Ernst-Ludwig von; Perotti, Enrico C. - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...

Persistent link: https://www.econbiz.de/10005858758

Regulated and Non-Regulated Companies, Technology Adoptionin Experimental Markets for Emission Permits, and OptionsContracts

Chesney, Marc; Taschini, Luca - Institut für Schweizerisches Bankwesen <Zürich> - 2011

' trading behaviors, and the liquidity level in an inter-temporalcap{and{trade market using laboratory experiments. The …

Persistent link: https://www.econbiz.de/10009305252

Default-Risky Bond Prices with Jumps, Liquidity Risk and Heterogeneous Investors

Jeanblanc, Monique; Valchev, Stoyan - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

chain and which accounts for default and liquidity risk. A representation of the bond price dynamics, which separates three … different types of risk, was obtained. Introducing the risk of systematic changes in the market liquidity added more risks. A …

Persistent link: https://www.econbiz.de/10005858310

Unifications of Dual-Class Shares in Germany

Ehrhardt, Olaf; Kuklinski, Jan; Nowak, Eric - Institut für Schweizerisches Bankwesen <Zürich> - 2005

intraday trading data to analyze liquidity effects on the cost of capital associated with the unification. In sum, the …

Persistent link: https://www.econbiz.de/10005858372

Flight-to-Quality or Flight-to-Liquidity? Evidence from the Euro-Area Bond Market

Beber, Alessandro; Brandt, Michael W.; Kavajec, Kenneth A. - Institut für Schweizerisches Bankwesen <Zürich> - 2006

Do bond investors demand credit quality or liquidity? The answer is both, but at different times and for different … quality and liquidity across countries, we show that the bulk of sovereign yield spreads is explained by differences in credit … quality, though liquidity plays a non-trivial role especially for low credit risk countries and during times of heightened …

Persistent link: https://www.econbiz.de/10005858392

Financial Intermediation and the Cost of Trading in an Opaque Market

Green, Richard C.; Hollifield, Burton; Schürhoff, Norman - Institut für Schweizerisches Bankwesen <Zürich> - 2005

Municipal bonds trade in opaque, decentralized broker-dealer markets in which price information is costly to gather. Whether dealers in such a market operate competitively is an empirical issue, but a difficult one to study. Data in such markets is generally not centrally recorded. We analyze a...

Persistent link: https://www.econbiz.de/10005858730

Financial Integration And Domestic Sovereignty In European Stock Markets

Chambet, Anthony; Gibson, Rajna - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

n this study, we examine the level of stock market integration and the impact of sovereign risk on the pricing of European equity markets since the introduction of the euro. We use a multivariate GARCH(1,1)-M return generating model allowing for partial market integration in which sovereign risk...

Persistent link: https://www.econbiz.de/10005859116

Time-Varying Credit Riskand Liquidity Premia inBond and CDS Markets

Bühler, Wolfgang; Trapp, Monika - Universität <Mannheim> / Behavioral Finance Group; … - 2009

component, a pure liquidity component, and a component measuring therelation between credit risk and liquidity. CDS liquidity … has important consequences for the bondcredit risk and liquidity components. Besides the credit risk link, we document a … liquidity linkbetween the bond and the CDS market. Liquidity in both markets dries up as credit risk increases,and higher bond …

Persistent link: https://www.econbiz.de/10005867856