This paper conducts a comprehensive asset pricing study based on a unique dataset for theGerman stock market. For the period 1963 to 2006 we show that value characteristics andmomentum explain the cross-section of stock returns. Corresponding factor portfolios havesignificant premiums across...

We develop a reduced-form model that allows us to decompose bond spreads and CDS premiainto a pure credit risk component, a pure liquidity component, and a component measuring therelation between credit risk and liquidity. CDS liquidity has important consequences for the bondcredit risk and...

We explore the relationship between CDS premia and bond asset swap spreads on the samereference entity. As Duffie (1999) shows, there is a clear theoretical link between CDS premiaand bond prices if the two quantities are viewed as a pure measure of credit risk. However,many studies provide...

Die Leasingbranche zeichnete sich in den vergangenen Jahren durch die vermehrte Nutzung innovativer Refinanzierungsformen aus. Insbesondere die Technik der Verbriefung von Forderungen (Assetsecurization), die zur Behebung so genannter Leasebacked-Securities führt, hat sich für große...

Die Entwicklungsdynamik der Leasingbranche hält weiter an und und scheint in der jüngsten Vergangenheit sogar noch Forcierung erfahren zu haben. Begründet liegt dies zum einen in der gehenden Technisierung und Integration der Finanzmärkte mit der Folge der allgemeinen...

This paper investigates politically connected rms in Germany. With the in-troduction of a new transparency law in 2007, information on additional incomesources for all members of the German parliament became publicly available.We nd that members of the conservative party (CDU/CSU) and the...