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The market reaction to stock splits : evidence from Germany
Wulff, Christian - 1999
- signalling, liquidity, and neglected firm hypothesis – to gain further insights into their relative explanation power. This paper … argues that legal restrictions strongly limit the ability of German companies to use a stock split for signaling …
Persistent link: https://www.econbiz.de/10009580473
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Nonlinear error correction and the efficient market hypothesis : the case of German dual-class shares
Breitung, Jörg; Wulff, Christian - 1999
The efficient market hypothesis implies that asset prices cannot be cointegrated. On the other hand, arbitrage processes prevent prices of fundamentally related assets from drifting far away. An attractive model that reconciles these two conflicting facts is the nonlinear error correction...
Persistent link: https://www.econbiz.de/10009581105