Debt capital represents one of the most important means with which German companies finance their business. Yet, despite its importance, academics and practitioners alike typically analyze debt capital separately from other components of a firm's capital structure components. One important...

Hardly anything is known about how bond market participants react to insider stock trades. Our study attempts to fill this gap by analyzing the bond market reaction around insider transactions in U.S. firms during the period from 2002 to 2009. Our dataset covers 993 stock purchases and 6,562...

Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical...

Recent years have brought a gradual shift of responsibility for pension provisions, financial planning, health care and various insurances from governmental institutions and firms to individuals. To tackle this challenge, individuals need applied financial literacy and not merely theoretical...

Election results may influence corporate performance by general changes in government spending and tax changes. In addition, specific companies or sectors might benefit or suffer from sector-specific governmental decisions. Stock market participants will incorporate expectations about political...

Portfolio selection has been in the focus of financial research for at least thirty years. With a hand-collected data set containing information about the portfolio structure of private and institutional investors our paper gives a brief literature review and sheds light on the home bias effect...

We analyze whether the results of the 1980 to 2008 U.S. presidential elections influence the stock market performance of eight industries and we examine factors that are expected to affect firms' stock returns around these elections. Our empirical analysis reflects firms' exposure to government...