Over the last decade the Danish corporate environment has experienced a significant increase in the use of option-based compensation (OBC). This and many other facts are documented in the present paper which provides the first insights into the characteristics of the option and warrant contracts...

It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market....

New accounting standards require ¯rms to expense the costs of option-based compensation (OBC), but the associated valuations o®er many challenges for ¯rms. Earlier research has documented that ¯rms in the U.S. generally underreport the values of OBC by manipulating the inputs used for...

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The Danish blue-chip index - the KFX Index - provides an interesting case for <p> studying the effects of changes in a stock market index. This is because of the unique <p> selection criterion used for the composition of the KFX Index. The criterion is pub- <p> licly known and based on a combination of...</p></p></p>

We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund’s peers. Within each investment category, the rating...

The announcement of a convertible bond call is associated with an average contem- <p> poraneous abnormal stock price decline of 1.75% and an ensuing price recovery in the <p> conversion period. A price fall and the subsequent recovery suggest price pressure as <p> the explanation for the announcement...</p></p></p>

This paper examines the consequences of a certain regulatory restriction on bids <p> for dual class shares. Shares of dierent classes are often argued to have dierent <p> prices because a premium will be paid to the superior voting shares in the case of a <p> tender oer. This paper takes as given a setup...</p></p></p>