The interpretation of the significant relation between business investment spending and cash flow has been controversial. A large body of research has found that investment/cash flow sensitivities are higher for financially constrained firms. This fundamental result underlying the finance...

Research on IPOs commonly focuses on the relation between firms' pre IPO ownership structure and subsequent stock performance. We extend the literature by additionally focusing on companies' post IPO ownership structure, in particular private equity capital engagement, to analyze IPOs stock...

This paper examines the timing ability of listed German firms with their equity and debt capital market activities between 01/2001 and 06/2013. Given the assertion that firms try to time the market, the key question of this paper is whether managers are able to time equity and debt capital...

This article provides estimates of the inflation-adjusted cost of equity for banks in six countries over the period 1990-2009. This cost is estimated using the single-factor capital asset pricing model (CAPM), where expected stock returns are a function of risk-free rates and a bank-specific...

This paper examines the financing structure of small and medium-sized enterprises (SMEs) in Germany and questions whether an equity gap - or, more generally, a financing gap -exists. Reviewing the literature and available data sources, we find that financing constraints seem to affect, if at...

This is the first attempt to test hypotheses about financial constraints of ethnic minority owned businesses in Germany. Using data from a survey among 3,000 ethnic and native entrepreneurs, we examine differences in the financing patterns between both demographic groups. We find that...