Die Preis‐ bzw. Renditebildung von risikobehafteten Wertpapieren auf Kapitalmärkten, insbesonderevon Aktien, stand schon immer im Mittelpunkt der finanzwirtschaftlichen Forschung. Für einenAnleger ist es vor allen Dingen wichtig, die erzielbaren Renditen zu ermitteln, um...

Vorliegendes Arbeitspapier betrachtet Einflüsse der Gründungsform und des Unternehmens-Entwicklungsstandes auf die Finanzierung von Gründungsunternehmen ein...

A widely recognized paper by Colin Mayer (1988) has led to a profound revision of academic thinking about financing patterns of corporations in different countries. Using flow-of-funds data instead of balance sheet data, Mayer and others who followed his lead found that internal financing is the...

We consider an option c which is contingent on an underlying (tilde S) that is not a traded asset. This situation typically arises in the context of real options. We investigate the situation when there is a "surrogate" traded asset S whose price process is highly correlated with that of (tilde...

We report a surprising property of u-o-preferences: the assumption of nonincreasing relative risk aversion implies the optimal portfolio being riskless. We discuss a solution of that paradox in detail. (JEL D80, G11, D10).

What is the role of collateral and restructuring know how in a framework of debt renegotiation and a priori private information? We show that the result in the literature according to which debt renegotiation implies that the high-risk borrower is more inclined to pledge collateral than the...

This paper deals with applies regime-switching models to assess the effects of different regimes of volatility in asset pricing.