Sanford J. Grossman und Oliver D. Hart haben 1980 in einem grundlegenden Aufsatz darglegt, daß Übernahmen von in Streubesitz befindlichen Unternehmen am sog. Trittbrettfahrerproblem scheitern können. Unter dem Trittbrettfahrerverhalten der Aktionäre wird ihre Weigerung verstanden, ihre...

In this research the focus is on emergent behaviour in large groups of stockmarket participants. In contrast to established views of the capital market, we do notassume that market participants make rational investment decisions based on fullinformation about important macroeconomic figures such...

This citation by Robert Neal and Simon Wheatley from their 1998 article about investorsentiment offers several insights and paves the way for this first chapter by making thefollowing statements: First, the opinion of individual investors on the market isimportant. Second, they are often wrong....

This paper investigates whether investor sentiment can explain stock returns on theGerman stock market. Based on a principal component analysis, we construct a senti-ment indicator that condenses information of several well-known sentiment proxies. Weshow that this indicator explains the return...

We examine overconfidence among equity mutual fund managers. While overconfidencehas been extensively documented among retail investors, evidence fromprofessional investors is scarce. Consistent with theories of overconfidence, we findthat fund managers trade more after good past performance....

This paper is the rst to empirically analyze the value to shareholders of the power to havea binding vote on management pay. We nd that in response to an unanticipated eventthat made it likely that an annual binding vote would become compulsory for Swiss publiccompanies, the apparent immediate...

This paper explores the relationship between dynamic consistency and theexisting notions of unambiguous events for Choquet expected utility preferences.A decision maker is faced with an information structure represented bya filtration. We show that the decision maker’s preferences respect...

A central role for economic policy involves understanding and reducing the impact of unexpected,extreme events. In this paper, we develop a simple economic framework with latentregime switches. This framework explains why investors and policymakers can decide not tohedge against extreme events,...

A central role for economic policy involves reducing the incidence of systemic downturns,when key economic variables experience joint extreme events. In this paper,we empirically analyze such asymmetric dependence using two approaches, correlationsand copulas. We document four findings. First,...

In der vorliegenden Arbeit wird die Bewertung von Unternehmen mit Pensionsrückstellungenbei einer einfachen Gewinnsteuer untersucht. Der Ansatz von Drukarczyk (1990) wird kritischhinterfragt. Es wird gezeigt, daß in diesem Modell eine Aussch¨uttungssperre (beispielsweisenach § 58 AktG) keine...