This paper tests for the presence of a weather effect on liquidity in a screen-based electronic stock market. The Exchange Liquidity Measure XLM enables us to separate the effect of cloudy skies on liquidity provided by market makers from this effect on liquidity naturally in the market. The...

The traditional business focus of credit co-operatives is locally oriented and business success is explained by the efficient way to induce monitoring of borrowers. Church-based credit co-operatives in Germany are not that locally oriented but were extraordinary successful over the last decades....

We document a significant increase in systematic equity risk after a firm has issued convertible debt. In contrast, no such increase can be detected for equity issuers when infrequent trading and price adjustment delays are controlled for. The evidence is consistent with the notion that...

"We study 98 large M&As of European bidding banks from 1985 to 2000 in order to investigate drivers of excess returns to the shareholders of the targets, the bidders, and to the combined entity of the bidder and the target. Our findings show that many of 13 drivers identified mostly from prior,...

We study the valuation impact on 148 insurance stocks caused by 25 of the largest catastrophic events that occurred in recent history. Because of their exceptional severity and the consequent high attention they experience in the media we expect to find significant overreactions of insurance...

Between 1990 and 2002 a wave of takeovers was observed in the North American and European energy utilities market. We analyze the impact of these takeovers on market power, studying 70 takeovers of US-American and 69 takeovers of German energy utilities by applying event study methodology. Stock...

Not only in time of its foundation but also in the historic retrospection are the Landschaften, especially the Silesian Landschaft, attributed with considerable success in the allocation of agricultural real-estate loans. This attribution results mainly from the enormous credit volumes that were...

A number of studies suggests the availability of information as a possible explanation for the home bias in international stock portfolios. They argue that competence effects play a prominent role in the evaluation of domestic stocks and consequently lead to a bias in stock return expectations....

The real estate banking industry in Germany has undergone severe changes due to changes in the legal framework, consolidation processes and economic crisis. As one of the results, German banks begin to sell their portfolios of non performing real estate loans. The six relevant transactions in...

This study analyses the implications that have emanated for non-anonymous floor trading at the Frankfurt stock exchange from the fact that the closing hour of electronic stock trading at the German stock exchange system XETRA has been advanced from 20.00 hrs to 17.30 hrs. effective as of 03...