We analyze the asset allocation decisions of different investor groups and investigate how their investmentbehavior changes with macroeconomic conditions. Using a new data set that includes themonthly portfolio holdings of private, commercial, and institutional investors deposited with...

Die Ermittlung der Kapitalkosten und die adäquate Anwendung des Kapitalkostenkonzeptes habensowohl in der Finanzierungstheorie als auch für das Finanzmanagement einen besonderen Stellenwert.Im Schrifttum sind die Kapitalkosten als der Diskontierungsfaktor definiert, der zu verwenden ist, umdie...

...Allerdings existiert noch keine umfassende empirische Studie zum Einfluss der Corporate Governance auf den Unternehmenswertschweizerischer Firmen. Diese Lücke soll durch die vorliegende Arbeit geschlossen werden.

Debt capital has traditionally been the most important source of external finance in the maritime industry. The access that shipping companies nowadays have to the international capital markets provides them with a broader range of financing instruments. As such, this study investigates the...

Zero-leverage is an international phenomenon which has increased over time. The increasing prevalence of zero-leverage firms is related to IPO waves and the accompanying changes in industry composition. In addition, we attribute the higher propensity to maintain a zero-leverage policy throughout...

We examine the underpricing and long-term performance of a broad set of Swiss IPOs from 1983 to 2000. The average market adjusted initial return is 34.97%. Our results support the ex ante uncertainty hypothesis, the signalling hypothesis and, to some extent, the market cyclicality hypothesis as...