Ziel dieser Studie ist, die Ankündigungseffekte von Kapitalerhöhungen bei US-REITs seit der US-Immobilienkrise zu analysieren. Damit soll eine Lücke geschlossen und eine Antwort auf die Frage geliefert werden, wie sich das Investorenverhalten seit der Krise gewandelt hat. Eine Zunahme der...

This paper attempts to look at the effectiveness of public provision of pollution information in providing incentives for firms to control pollution. This is achieved by examining the effect of release of pollution information on the market value of firms. The paper conducts a value event study...

We examine the impact of seller's Property Condition Disclosure Law on the residential real estate values. A disclosure law may address the information asymmetry in housing transactions shifting of risk from buyers and brokers to the sellers and raising housing prices as a result. We combine...

While companies have emerged as very proactive donors in the wake of recent major disasters like Hurricane Katrina, it remains unclear whether that corporate generosity generates benefits to firms themselves. The literature on strategic philanthropy suggests that such philanthropic behavior may...

This paper reconsiders the effect of investor sentiment on stock prices. Using survey-based sentiment indicators from Germany and the US we confirm previous findings of predictability at intermediate time horizons. The main contribution of our paper is that we also analyze the immediate price...

Generally, information provision and certification have been identified as the major economic functions of rating agencies. This paper analyzes whether the watchlist (rating review) instrument has extended the agencies' role towards a monitoring position, as proposed by Boot, Milbourn, and...

By linking industrial organization theory and capital market research, we provide empirical evidence that merger motives of firms are influenced by underlying industry concentration. Analyzing wealth effects on target, acquirer and rival firms in the machinery industry, we observe significant...

We report the results of an investigation of the stock-market reaction to European Union Membership related events in Istanbul Stock Exchange Markets (ISEM) in the period 2000-2005. We have analyzed abnormal and cumulative abnormal returns of 17 sector indexes for six important dates by using...

New Zealand joint dividend and earnings announcement data is used to corroborate an aspect of dividend signalling espoused by Miller and Rock (1985). This is, that dividends announced within the course of a company’s financial year may be interpreted by investors as a signal about the quality...