In the pre-Sarbanes-Oxley era corporate insiders were required to report trades in shares of their firm until the 10th of the month following the trade. This gave them considerable flexibility to time their trades and reports strategically, e.g., by executing a sequence of trades and reporting...

Regulations in the pre-Sarbanes-Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, for example, by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements...

Regulations in the pre-Sarbanes–Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, e.g., by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements were...

We analyze the stock price, trading volume and liquidity reaction to corporate disclosure in Germany. Based on a broad sample of corporate announcements made between 1995 and 2007 we find that the announcements result in significant price changes, increased trading volume, and increased bid-ask...

Mit dem umstrittenen Urteil des Bundesgerichtshofs im Frosta-Fall kam es im Oktober 2013 zu einer drastischen Änderung der Regeln für ein Delisting. Die bis dahin durch höchstrichterliche Rechtsprechung vorgeschriebene Zustimmung durch die Hauptversammlung sowie der Entschädigungsanspruch...

With the controversial decision in the "Frosta" case, Germany's Federal Court of Justice (Bundesgerichtshof) has made significant changes to the rules that apply to corporate delistings from German stock exchanges. The mandatory approval of the delisting by shareholders and the minority...

German Abstract: Mit dem umstrittenen Urteil des Bundesgerichtshofs im Frosta-Fall kam es im Oktober 2013 zu einer drastischen Änderung der Regeln für ein Delisting. Die bis dahin durch höchstrichterliche Rechtsprechung vorgeschriebene Zustimmung durch die Hauptversammlung sowie der...