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The Effects of Industry-Level Uncertainty on Cash Holdings: The Case of Germany
Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - 2006
increases the firm will increase its optimal level of liquidity. We test this hypothesis using a panel of German firms drawn …
Persistent link: https://www.econbiz.de/10010260994
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Power and Ownership Structures among German Companies. A Network Analysis of Financial Linkages
Moebert, Jochen; Tydecks, Patrick - 2007
The literature on ownership structures made continual use of notions such as cross-holdings and pyramids which are closely related to the vastly increasing network literature. We propose to transfer successfully applied network methods to the corporate control and corporate governance branch as...
Persistent link: https://www.econbiz.de/10010266862
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Trading the bond-CDS basis: The role of credit risk and liquidity
Trapp, Monika - 2009
basis size is closely related to measures of company-specific credit risk and liquidity, and to market conditions. In … risk, liquidity, and market measures even more strongly than the basis itself, and we show which conditions make long and …
Persistent link: https://www.econbiz.de/10010302537
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Kombinierte Liquiditäts- und Solvenzkennzahlen und ein darauf basierendes Insolvenzprognosemodell für deutsche GmbHs
Perederiy, Volodymyr (contributor) - 2007
Eine große Herausforderung der multivariablen Analyse mit bilanziellen Kennzahlen besteht in der Identifikation derjenigen Kennzahlen, die zur besten Modellperformance führen und dabei möglichst leicht interpretierbar und intuitiv bleiben. Die Menge der in Frage kommenden Kennzahlen ist in...
Persistent link: https://www.econbiz.de/10003635001
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Determinants of acquisition and failure : stylized facts and lessons for empirical studies
Köke, F. Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10011446202
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The Balance of Power between Creditors and the Firm : Evidence from German Insolvency Law
Closset, Frédéric - 2019
In 2011, German legislators passed the latest reform to German Insolvency Law (ESUG). ESUG mandates that creditors of larger firms can exert more influence on the appointment of the insolvency administrator, resulting in a shift of power from shareholders to creditors. Based on...
Persistent link: https://www.econbiz.de/10012899200
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German Mittelstand Bonds : Yield Spreads and Liquidity
Utz, Sebastian - 2015
We estimate a cross-sectional model of the yield spreads of German Mittelstand bonds as a function of liquidity … for the risk of the bond. Economically, the size of the liquidity premium of Mittelstand bonds is approximately twice the … size of speculative grade US corporate bonds. Our findings are robust to different measures of liquidity and potential …
Persistent link: https://www.econbiz.de/10013013702
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Forecasting Corporate Defaults in the German Stock Market
Mertens, Richard - 2016
We estimate and test several default risk models using new and unique data on corporate defaults in the German stock market. While defaults were extremely rare events in the 1990s, they have been a characteristic feature of the German stock market since the early 2000s. We apply the structural...
Persistent link: https://www.econbiz.de/10012983935
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Corporate Restructuring and Creditor Power : Evidence from European Insolvency Law Reforms
Closset, Frédéric; Großmann, Christoph; Kaserer, … - 2021
In an attempt to match US bankruptcy law, many European countries have reformed their insolvency laws towards a regime that fosters corporate restructuring. This paper evaluates the implications of these reforms. Based on a staggered difference-in-differences analysis around eight insolvency...
Persistent link: https://www.econbiz.de/10013244320
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Liquidity supply and adverse selection in a pure limit order book market
Frey, Stefan; Grammig, Joachim - 2005
Based on a structural model we analyze adverse selection costs and liquidity supply in a pure open limit order book …, which states that liquidity supply and adverse selection costs are inversely related. We also show that adverse selection … the ad hoc method to limit order book data. -- Limit order book market ; liquidity supply ; adverse selection …
Persistent link: https://www.econbiz.de/10009524819