Die Empfehlung, das Shareholder-Value-Konzept zur Grundlage der Unternehmenspolitik zu machen, erscheint um so überzeugender und wird vermutlich um so eher akzeptiert, (1) je lohnender die Shareholder-Value-Orientierung für die Aktionäre ist, (2) je eindeutiger es ist, wie die Empfehlung...

Compliance with prevailing accounting standards is induced if the expected disadvantage due to sanctions imposed if non-compliance is detected outweighs the advantage of non-compliant accounting choices.(...)

Die mit unterschiedlichen Organisationsformen des Wertpapierhandels einhergehende Liquidität und ihre Messung ist eine der zentralen Fragen im Zusammenhang mit der Gestaltung von Wertpapiermärkten. Zunächst wird die Eignung verschiedener in der Literatur vorgeschlagener Liquiditätsmaße...

Performance fees for portfolio managers are designed to align the managers' goals withthose of the investors and to motivate managers to aquire "superior" information and tomake better investment decisions. A part of the literature analyzes performance fees on thebasis of market valuation. In...

We report results of a series of nine market experiments with asymmetric information and a fundamental value process that is more "realistic" than those in previous experiments. Both a call market institution and a continuous double auction mechanism are employed. We find considerable pricing...

This paper deals with the long-run stock performance after initial public offerings (IPOs) in the German capital market with a larger sample than prior studies and alternative benchmarks (the equally and the value-weighted market portfolio, size portfolios and matching stocks).

This article investigates the impacts of asymmetric information within a Lucas (1978) asset pricing economy. Asymmetry enters via the assumption that one group of agents is equipped with superior information about the dividend process.(...)

This paper argues that book-to-market and size attributes represent sensitivities of firm returns to several risk factors, and in so doing they subsume the information in other attributes.

This paper deals with the impact of the arrival of public information on the intraday trading of highly liquid stocks quoted on the Paris Bourse.

This paper investigates the relative performance of local and foreign financial analysts on Latin American emerging markets.