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Shachmurove, Yochanan; Vulanovic, Milos - 2014 - Preprint, February 8th, 2014

In this study, we examine characteristics of Specified Purpose Acquisition Companies (SPACs) used as a financing tool for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse mergers focusing on China, SPACs that focus on China are...

Persistent link: https://www.econbiz.de/10010372686

Do analyst stock recommendations piggyback on recent corporate news? : an analysis of regular-hour and after-hours revisions

Li, Edward X.; Ramesh, K.; Shen, Min; Wu, Joanna Shuang - 2015 - Rev.

Analysts often update their recommendations following corporate news. Questions have been raised regarding analysts' ability to generate new information beyond recent corporate events. Employing a comprehensive database on corporate news we show that only a small minority of 27.9% of all...

Persistent link: https://www.econbiz.de/10010483419

Is regulation essential to stock market development? : going public in London and Berlin, 1900-1913

Burhop, Carsten; Chambers, David; Cheffins, Brian - 2011 - This Vers.: July 2011

This study of initial public offerings (IPOs) carried out on the Berlin and London stock exchanges between 1900 and 1913 casts doubt on the received "law and finance" wisdom that legally mandated investor protection is pivotal to the development of capital markets. IPOs that resulted in official...

Persistent link: https://www.econbiz.de/10009232393

Transparency through financial claims with fingerprints : a free market mechanism for preventing mortgage securitization induced financial crises

Gründl, Helmut; Post, Thomas - 2009

Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of … 20072009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market … considerably enhance transparency in securitization transactions at the expense of some transaction costs, while reducing the need …

Persistent link: https://www.econbiz.de/10003815243

Trading risk and volatility in interest rate swap spreads

Kambhu, John (contributor) - 2004 - [Elektronische Ressource]

This paper examines how risk in trading activity can affect the volatility of asset prices. We look for this relationship in the behavior of interest rate swap spreads and in the volume and interest rates of repurchase contracts. Specifically, we focus on convergence trading, in which...

Persistent link: https://www.econbiz.de/10001936329

Who Knows What When? - The Information Content of Pre-IPO Market Prices

Löfffler, Gunter; Panther, Patrick F.; Theissen, Erik - 2002

To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs during the subscription period. We examine these pre-issue prices and find that they are highly informative. They are closer to the...

Persistent link: https://www.econbiz.de/10005844556

Determinants of Capital Market Reactions to Seasoned Equity Offers by German Corporations

Gebhardt, Günther; Heiden, Stefan; Daske, Holger - 2001

Our study provides evidence on the share price reactions to the announcement of equity issues inGermany, where capital market is characterized by institutional features distinct from the U.S. market.German seasoned equity issues yield a positive market reaction which contrasts to the significant...

Persistent link: https://www.econbiz.de/10005844560

The Effects of Cross-Border Bank Mergers on Bank Risk and Value

Amihud, Yakov; DeLong, Gayle L.; Saunders, Anthony - 2002

This paper examines the effects of cross-border bank mergers on the risk and (abnormal) returns of acquiring banks. We find that overall, the acquirers´ risk neither increases nor decreases. In particular, on average neither their total risk nor their systematic risk falls relative to banks in...

Persistent link: https://www.econbiz.de/10005846656

Does Anonymity Matter in Electronic Limit Order Markets?

Foucault, Thierry; Moinas, Sophie; Theissen, Erik - 2005

An vielen Börsen sind heute elektronische Handelssysteme im Einsatz, die nach dem Auktionsprinzip funktionieren. Limitierte Aufträge werden dabei in einem Orderbuch zusammengefaßt, das von den Handelsteilnehmern eingesehen werden kann. In vielen Handelssystemen (darunter Xetra) werden dabei...

Persistent link: https://www.econbiz.de/10005854126

Credit Ratings in Structured Finance and the Role of Systemic Risk

Violi, Roberto - 2011

This paper explores the implications of systemic risk in Credit Structured Finance (CSF). Risk measurement issues loomed large during the 2007-08 financial crisis, as the massive, unprecedented number of downgrades of AAA senior bond tranches inflicted severe losses on banks, calling into...

Persistent link: https://www.econbiz.de/10013128337