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Stock-Based Incentives in Executive Compensation Packages - Evidence from German Prime Standard Firms (Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung - Evidenz a...
Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - Center for Entrepreneurial and Financial Studies <München> - 2009
While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were … incentives. In the meantime the legal environment has changed significantly and today even the German Corporate Governance Code … encourages firms to grant stock-based long-term incentives. However, examining a hand-collected unique data-set we find that even …
Persistent link: https://www.econbiz.de/10005870301
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Should Financial Institutions own equity? -A Test of the ‘German Bank Influence Model’
Kast, Manuel - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004
This paper tests two competing hypotheses about the influence of financial institutions as large shareholders on the performance of their industrial portfolio firms: the superior monitoring hypothesis versus the rent extraction hypothesis. The methodology of this study exploits the abolishment...
Persistent link: https://www.econbiz.de/10005857793
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ECONOMIC CONSEQUENCES OF PRIVATE EQUITY INVESTMENTS ON THE GERMAN STOCK MARKET
Achleitner, Ann-Kristin; Andres, Christian; Betzer, André - Center for Entrepreneurial and Financial Studies <München> - 2009
This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership...
Persistent link: https://www.econbiz.de/10005870388
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Stock Returns in Mergers and Acquisitions
Hackbarth, Dirk; Morellec, Erwan - Institut für Schweizerisches Bankwesen <Zürich> - 2006
This paper develops a real options framework to analyze the behavior of stock returns in mergers and acquisitions. In this framework, the timing and terms of takeovers are endogenous and result from value-maximizing decisions. The implications of the model for abnormal announcement returns are...
Persistent link: https://www.econbiz.de/10005858239
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The (Ir)relevance of Disclosure of Compliance with Corporate Governance Codes-Evidence from the German Stock Market
Nowak, Eric; Rott, Roland; Mahr, Till G. - Institut für Schweizerisches Bankwesen <Zürich> - 2006
This paper studies the short- and long-run announcement effects of declaring compliance with the German Corporate Governance Code (the Code). We examine a unique, hand-collected data set of 317 German listed firms from 2002-2005. First, we present evidence from an analysis of firms compliance...
Persistent link: https://www.econbiz.de/10005858374
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Corporate Investment and Financing UnderAsymmetric Information
Morellec, Erwan; Schürhoff, Norman - Swiss National Centre of Competence in Research North … - 2010
We develop a dynamic model of corporate investment and financing decisions in whichcorporate insiders have superior information about the firm's growth prospects. We show thatrms with positive private information can credibly signal their type to outside investors usingthe timing of corporate...
Persistent link: https://www.econbiz.de/10009305120
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Are stewardship and valuation usefulness compatible or alternative objectives of financial accounting?
Gassen, Joachim - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2008
In their joint framework project, the FASB and the IASB recently proposeddropping stewardship as a separate objective of financial accounting, because the Boards view stewardship and valuation usefulness as compatible sub-objectives ranking under an overall objective of decision usefulness. This...
Persistent link: https://www.econbiz.de/10005860567
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Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen
Rustige, Marc; Grote, Michael H. - Johann Wolfgang Goethe-Universität <Frankfurt a. Main> … - 2008
Sowohl die Diversifikation als auch die Fokussierung von Unternehmensaktivitäten werdenhäufig mit der Maximierung des Unternehmenswertes begründet. Wir untersuchen dieAuswirkungen auf den Aktienkurs für 184 Akquisitionen sowie 139 Desinvestitionendeutscher Konzerne im Zeitraum von 1996-2005....
Persistent link: https://www.econbiz.de/10005866888
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Detecting Informed Trading Activities in the OptionsMarkets
Chesney, Marc; Crameri, Remo; Mancini, Loriano - Institut für Schweizerisches Bankwesen <Zürich> - 2009
This paper presents a new method to detect informed trading activities in the options markets.An option trade is identified as informed when it is characterized by an unusual largeincrement in open interest and volume, induces large gains, and is not hedged in the stock market.For the period...
Persistent link: https://www.econbiz.de/10005868704
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The Dynamics of Investment and Financing underAsymmetric Information
Morellec, Erwan; Schürhoff, Norman - Swiss National Centre of Competence in Research North … - 2008
This paper develops a tractable real options framework to analyze the eects of asym-metric information on investment and nancing decisions when rms require externalfunds to nance investment. Our analysis shows that corporate insiders can signal theirprivate information to outside investors using...
Persistent link: https://www.econbiz.de/10005868707