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Setting a Fox to Keep the Geese: Does the comply-or-explain principle work?
Andres, Christian; Theissen, Erik - 2008
The German Corporate Governance Code works according to the comply-or-explain principle. One of its recommendations was to publish the remuneration of the members of the executive board on an individual basis. We examine the characteristics of the firms that comply with the code requirement. Our...
Persistent link: https://www.econbiz.de/10010302533
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Sooner or later: delays in trade reporting by corporate insiders
Betzer, André; Theissen, Erik - 2008
Until October 2004 corporate insiders in Germany were required to report trades in the shares of their firm 'without delay'. In practice substantial reporting delays were common. We show that the delays are systematically related to the characteristics of the firm. Delays are longer in...
Persistent link: https://www.econbiz.de/10010302546
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Der optimale Bezugspreis bei Kapitalerhöhungen mit Bezugsrechten
Meincke, Sven; Nippel, Peter - 2007
Das Platzierungsrisiko bei einer Kapitalerhöhung gegen Einlagen wird i.d.R. gegen Zahlung einer Übernahmeprovision auf ein Emissionskonsortium übertragen. Wir ermitteln die faire Prämie für eine solche Übernahmegarantie und berücksichtigen das Platzierungsrisiko auch in der Bewertung der...
Persistent link: https://www.econbiz.de/10011558826
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Influence of internal factors on the use of equity- and mezzanine-based financing in family firms
Achleitner, Ann-Kristin; Lutz, Eva; Schraml, Stephanie C. - 2009
The paper analyzes internal factors which influence the use of equity - and mezzanine-based financing instruments in German privately held family firms. Based on a sample of 195 surveys of family firms, we investigate the impact of family specific goals and corporate governance structures on the...
Persistent link: https://www.econbiz.de/10003919589
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Insider trading and corporate governance : the case of Germany
Betzer, André; Theissen, Erik - 2007
We analyze transactions by corporate insiders in Germany. We find that insider trades are associated with significant abnormal returns. Insider trades that occur prior to an earnings announcement have a larger impact on prices. This result provides a rationale for the UK regulation that...
Persistent link: https://www.econbiz.de/10009525972
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Sooner or later: delays in trade reporting by corporate insiders
Betzer, André (contributor); Theissen, Erik (contributor) - 2008
Until October 2004 corporate insiders in Germany were required to report trades in the shares of their firm "without delay". In practice substantial reporting delays were common. We show that the delays are systematically related to the characteristics of the firm. Delays are longer in...
Persistent link: https://www.econbiz.de/10003761182
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Setting a Fox to Keep the Geese : does the comply-or-explain principle work?
Andres, Christian (contributor); Theissen, Erik (contributor) - 2008
The German Corporate Governance Code works according to the comply-or-explain principle. One of its recommendations was to publish the remuneration of the members of the executive board on an individual basis. We examine the characteristics of the firms that comply with the code requirement. Our...
Persistent link: https://www.econbiz.de/10003761274
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The Effects of Short-Term Liabilities on Profitability: The Case of Germany
Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - 2006
Using data from Germany this paper examines the direct effect of non-financial firms' use of short-term versus long-term liabilities. We develop a structural model of a firm's value maximization problem that predicts that profitability of the firm will change if firms alter their use of...
Persistent link: https://www.econbiz.de/10010260991
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Real Estate Prices and Firm Capital Structure
Cvijanovic, Dragana - 2014
points increase in firm market leverage ratio. The identification strategy employs a triple interaction of MSA level land … firm collateral values. Firms significantly change their debt structure: they increase their bank but also arm's length … financing and they decrease more expensive types of debt in response to collateral value appreciation. These results indicate …
Persistent link: https://www.econbiz.de/10013064464
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Hidden Champions or Black Sheep? The Role of Underpricing in the German Mini-Bond Market
Mietzner, Mark - 2016
This paper presents a first empirical examination of all available German mini-bond offerings between 2010 and 2015. We compare the default probability according to a mini-bond's initial rating with that implied by credit risk models, and show that rating agencies can create rating inflation by...
Persistent link: https://www.econbiz.de/10013000761