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Our study provides evidence on the share price reactions to the announcement of equity issues in Germany, where capital market is characterized by institutional features distinct from the U.S. market. German seasoned equity issues yield a positive market reaction which contrasts to the...
Persistent link: https://www.econbiz.de/10010316306
The seasoned equity offering (SEO) market plays a significant role in the economic development of a country by …
Persistent link: https://www.econbiz.de/10013200361
. We decompose this trend by subgroups within a 55 observations sample, and conclude that lax regulation was probably the …
Persistent link: https://www.econbiz.de/10011335748
This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received law and finance wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official...
Persistent link: https://www.econbiz.de/10010286711
regulation on the individual firms was minor, we find evidence for the asset value hypothesis, which states that higher verified …
Persistent link: https://www.econbiz.de/10011753229
, "alle Finanzmärkte, Finanzprodukte und Finanzmarktteilnehmer einer Regulierung oder angemessenen Überwachung" zu unterwerfen …
Persistent link: https://www.econbiz.de/10011601932
Staatliche Banken können eine wichtige Rolle bei der Sicherung der Funktionsfähigkeit von Finanzsystemen und für die gesamtwirtschaftliche Entwicklung spielen. Dies gilt offenbar vor allem dann, wenn die Bankenregulierung schwach ist und Banken nicht ausreichend überwacht werden. Die...
Persistent link: https://www.econbiz.de/10011602230
The paper deals with the regulation of professions in Italy. It is a very traditional system of regulation based on … inputs control. This regulation is clearly excessive for most of the professions. In fact, market failures - both in terms of …. In fact, it is no longer true - at least for most of the professions - that output regulation is an inherently difficult …
Persistent link: https://www.econbiz.de/10011608310
sector in 38 countries for the period 1977-97 shows that regulation is a crucial institutional variable in privatisation. Not …
Persistent link: https://www.econbiz.de/10011608438
This paper analyses in a hidden characteristic set-up the design of the optimal price for a firm which is a monopolist at home but competes abroad against foreign firms. As long as diseconomies of scope are not too strong, the optimal price is identified. The price rule depends on the sign of...
Persistent link: https://www.econbiz.de/10011608801