We study price dispersion and venue choice in the interdealer market for German sovereign bonds, where an exchange and over-the-counter segments coexist. We show that 85% of OTC traded prices are favorable with respect to exchange quotes, indicating the prevalence of an OTC discount. This...

Specified Purpose Acquisition Companies (SPACs) are a special type of public companies currently available to investors in financial markets. As an investment vehicle, modern SPACs are traced back to 18-th century England where blank checks were first mentioned as blind pools during the infamous...

Measuring the information environment of firms using analyst (price) forecast bias and forecast dispersion before listing, we empirically examine the interactive influence of the information environment and market-wide sentiment on the initial returns of initial public offerings (IPOs). We find...

I investigate the linkage between liquidity provision by Nasdaq market makers and analysts in the same firm. Using three measures of market activity, I find that Nasdaq firms are more likely to provide buy side liquidity in anticipation of upgrades in the period 1999-2000. ECN activity supports...

External finance is central for nascent entrepreneurs, people in the process of starting new ventures. We argue that nascent entrepreneurs use patents and prototypes in order to signal their ability to appropriate the returns from their innovation as well as the project´s feasibility. Our...

Stabilität versus Aktualität – Wann sind stabile Agency-Ratings marktbasierten Bewertungen vorzuziehen? Die Arbeit analysiert auf theoretischer Basis Vor- und Nachteile einer langfristig stabilen versus aktuellen, volatileren Informationsbasis anhand strategischer Portfolioentscheidungen....

Rating-Meldungen europäischer Staaten und Werteffekte bei US-Banken: Eine Note zur Interdependenz globaler Kapitalmärkte Im Zuge der europäischen Schuldenkrise stellt sich die Frage, ob sich das Banken- und Finanzsystem der USA durch Ansteckungseffekte ebenso in Gefahr befindet. Vor dem...

In dieser Studie wird die Qualität der individuellen Gewinnprognosen von Finanzanalysten sowie deren Effizienz relativ zu einer naiven Random-Walk-Prognose untersucht. Die Datenbasis für die Untersuchung umfasst 171.281 Gewinnprognosen für Unternehmen des deutschen Kapitalmarktes. Die...

We rationalize exclusive portfolio dealing in a novel three-period partial equilibrium framework populated by a representative, risk-neutral seller and a small number of ex ante identical broker-dealers. Endowed with independent, uncertain demand for a representative asset, the broker-dealers...

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