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Investition und Finanzierung case by case
Kaserer, Christoph - 2006
Persistent link: https://www.econbiz.de/10003247852
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Geographic location of a new venture and the likelihood of a venture capital investment
Achleitner, Ann-Kristin; Bender, Marko; Kaserer, Christoph - 2010
, we examine the impact of spatial proximity on the likelihood of an investment. We find that with each triplication of … journey time the relative likelihood of an investment decreases by one third. Venture development stage, the experience of the … entrepreneurial team, knowledge-intensity of the industry and the investment volume moderate the relationship between journey time and …
Persistent link: https://www.econbiz.de/10010305691
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Geographic location of a new venture and the likelihood of a venture capital investment
Achleitner, Ann-Kristin; Bender, Marko; Kaserer, Christoph - Fakultät für Wirtschaftswissenschaften, Technische … - 2010
, we examine the impact of spatial proximity on the likelihood of an investment. We find that with each triplication of … journey time the relative likelihood of an investment decreases by one third. Venture development stage, the experience of the … entrepreneurial team, knowledge-intensity of the industry and the investment volume moderate the relationship between journey time and …
Persistent link: https://www.econbiz.de/10009219908
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Geographic location of a new venture and the likelihood of a venture capital investment
Achleitner, Ann-Kristin; Bender, Marko; Kaserer, Christoph - 2010
, we examine the impact of spatial proximity on the likelihood of an investment. We find that with each triplication of … journey time the relative likelihood of an investment decreases by one third. Venture development stage, the experience of the … entrepreneurial team, knowledge-intensity of the industry and the investment volume moderate the relationship between journey time and …
Persistent link: https://www.econbiz.de/10008659237
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Estimating Equity Premia from CDS Spreads
Kaserer, Christoph - 2016
We propose a new approach to estimate the equity premium using CDS spreads and structural models of default. Our estimates yield equity premia of 6.50% for the U.S., 5.44% for Europe and 6.21% for Asia based on 5-year CDS spreads from 2003-2007. Due to some conservative assumptions these...
Persistent link: https://www.econbiz.de/10012707097
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Importance of Spatial Proximity between Venture Capital Investors and Investees in Germany
Lutz, Eva - 2013
deals involving very small or very large investment sums, for less experienced venture capitalists and for lead investors … Germany spatial proximity between investor and investee impacts the likelihood of an investment …
Persistent link: https://www.econbiz.de/10013094966
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Market Liquidity Risk - An Overview
Stange, Sebastian; Kaserer, Christoph - Center for Entrepreneurial and Financial Studies <München> - 2009
Market liquidity is the ease of trading an asset. Its risk is the potential loss, because a security can only be traded at high or prohibitive costs. While the omnipresence and importance of market liquidity is widely acknowledged, it has long remained a more or less elusive concept. Treatment...
Persistent link: https://www.econbiz.de/10005870300
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The Impact of Managerial Ownership, Monitoring and Accounting Standard Choice on Accrual Mispricing
Gegenfurtner, Bernhard; Ampenberger, Markus; Kaserer, … - Center for Entrepreneurial and Financial Studies <München> - 2009
We analyse to what extent the accrual anomaly is related to the choice of the accounting system as well as firm-level heterogeneity in corporate governance mechanisms. Using a unique dataset of listed German firms over the period 1995 to 2005 we first corroborate former results indicating that...
Persistent link: https://www.econbiz.de/10005870302
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Measuring Market Liquidity Risk - Which Model Works Best?
Ernst, Cornelia; Stange, Sebastian; Kaserer, Christoph - Center for Entrepreneurial and Financial Studies <München> - 2009
Market liquidity risk, the difficulty or cost of trading assets in crises, has been recognized as an important factor in risk management. Literature has already proposed several models to include liquidity risk in the standard Value-at-Risk framework. While theoretical comparisons between those...
Persistent link: https://www.econbiz.de/10005870304
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Accounting for Non-Normality in Liquidity Risk
Ernst, Cornelia; Stange, Sebastian; Kaserer, Christoph - Center for Entrepreneurial and Financial Studies <München> - 2009
It has been frequently discussed, that returns are not normally distributed. Liquidity costs, measuring market liquidity, are similarly non-normally distributed displaying fat tails and skewness. Liquidity risk models either ignore this fact or use the historical distribution to empirically...
Persistent link: https://www.econbiz.de/10005870319