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Over-allotment options in IPOs on Germany's Neuer Markt : an empirical investigation

Franzke, Stefanie A.; Schlag, Christian - 2003 - This version: September 28, 2003

Over-allotment arrangements are nowadays part of almost any initial public offering. The underwriting banks borrow stocks from the previous shareholders to issue more than the initially announced number of shares. This is combined with the option to cover this short position at the issue price....

Persistent link: https://www.econbiz.de/10009767115

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

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

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

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

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

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

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

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

On the decision to go public: Evidence from privately-held firms

Ljungqvist, Alexander; Boehmer, Ekkehart - 2004

We test recent theories of when companies go public which predict that 1) more companies will go public when outside valuations are high or have increased, 2) companies prefer going public when uncertainty about their future profitability is high, and 3) firms whose controlling shareholders...

Persistent link: https://www.econbiz.de/10010295643

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