Die Empfehlung, das Shareholder-Value-Konzept zur Grundlage der Unternehmenspolitik zu machen, erscheint um so überzeugender und wird vermutlich um so eher akzeptiert, (1) je lohnender die Shareholder-Value-Orientierung für die Aktionäre ist, (2) je eindeutiger es ist, wie die Empfehlung...

This paper investigates the extent to which voluntary disclosure quality (VDQ) of firms isreflected in equity prices. In environments where we expect informational efficiency to behigh, VDQ is not associated with returns beyond those available through passively investingin popular styles, and a...

This paper investigates politically connected rms in Germany. With the in-troduction of a new transparency law in 2007, information on additional incomesources for all members of the German parliament became publicly available.We nd that members of the conservative party (CDU/CSU) and the...

Kaum eine Fragestellung hat in der Finanzierungsliteratur der vergangenen Jahrzehnte eine sostarke und nachhaltige Beachtung gefunden, wie die der optimalen Kapitalstruktur vonUnternehmen. Der theoretische Literaturzweig ist weitgehend ausgereift und lässt sich imwesentlichen in zwei Lager...

Purpose: We examine motives for hiring a non-family Chief FinancialOfficer (CFO) in family firms. We explore the perceptions of family firm ownerstowards external managers by analyzing how their goals relate to the employmentof a non-family CFO.Design/methodology/approach: Our study is based on...

Instrumente der Außenfinanzierung werden üblicherweise in Eigenkapital und Fremdkapital unterteilt. Die in der Finanzwirtschaft entwickelten Abgrenzungsmerkmale führen zu einer guten Charakterisierung verschiedener Finanzierungsinstrumente.Die Wahl des Merkmals "Rechtsstellung im Konkurs" als...

This paper uses firm-level data on 162 large Hungarian enterprises to analyse the relationship betweenownership structure and corporate performance in 1998 and 1999. Cross-sectional regressions are runfor each of these years using the return on assets (ROA) as the measure of performance. Both...

This paper shows that illiquid growth opportunities crucially impact the agency costs of risky debt. If the value of these growth opportunities is sufficiently high, they reverse riskshifting incentives into risk-avoidance incentives, creating a new agency cost of debt.(...)

In recent years the market for asset backed securities (ABS) has shown a rapid growth. In an ABS transaction assets are first pooled and then securities backed by this pool are issued. In many cases, several tranches of securities differing with respect to their priority of payment are designed....

We investigate determinants of launch spreads in European securitizationtransactions over the last decade. First, we develop a simple, reduced-form pricingmodel for all issues across different transaction types and test it. We document thecritical importance of credit ratings without refinements...