This paper investigates the magnitude and the main determinants of share price reactions to buy-back announcements of German corporations. For our comprehensive sample of 224 announcements that took place between May 1998 and April 2003 we find average cumulative abnormal returns around -7.5%...

This paper shows that abnormal stock price returns around the date of open market repurchase announcements are four times higher in Germany than in the US (12% versus 3%). We hypothesize that this observation can be explained by national differences in repurchase regulations. Our empirical...

This paper is a draft for the chapter German banks and banking structure of the forthcoming book The German financial system edited by J.P. Krahnen and R.H. Schmidt (Oxford University Press). As such, the paper starts out with a description of past and present structural features of the German...