We examine monthly excess returns for 23 Euro-denominated corporate bond indices and propose a new specification for bond asset pricing models. Specifically, we separate level and slope components of term and default risk factors and examine liquidity risk. Our results suggest that level and...

There is a gap between the theoretical literature which almost unanimously advocates the privatization of enterprises, as part of the solution to the commitment problem in economies in transition, and the empirical evidence regarding the best way to design a privatization program in order to...

In den zentral- und osteuropäischen Übergangsökonomien sind seit Anfang der neunziger Jahre Going-Public-Aktivitäten zu verzeichnen. Für eine erfolgreiche Transformation und die Entwicklung der Kapitalmärkte sind Privatisierungsprogramme von zentraler Bedeutung. Wolfgang Aussenegg...

In this paper, we highlight the key changes in the PE governance model especially relevant to governance in secondary buyouts (SBOs). Generally, buyouts can be PE-backed or non-PE backed deals. We focus on PE-backed SBOs and PE-backed primary buyouts (PBO). We also survey recent literature on...

This study examines the operating performance of privatized firms in three Central European Transition Economies between 1990 and 1998. Overall, we find no evidence of a significant improvement in operating performance for the first six years after privatization. Contrary to the increasing...

There is a gap between the theoretical literature which almost unanimously advocates the privatization of enterprises, as part of the solution to the commitment problem in economies in transition, and the empirical evidence regarding the best way to design a privatization program in order to...

This paper examines common risk factors in Euro-denominated corporate bond returns before and after recent financial crisis. Our results suggest that level and slope of interest rate and default spread term structures significantly improve the explanatory power of asset pricing models for the...

Problem: The financial crisis of 2007-2009 has shown that regional problems in the financial industry can quickly spread over to the complete financial system and can even affect the worldwide economy. Thus, current financial systems are characterized by a high degree of interconnections and...