Our study focuses on the question whether corporate insiders in Germany exploit inside information while trading in their company’s stock. In contrast to prior international studies, which are not able to link insider transactions to a formal definition of inside information, we relate insider...

Der Beitrag ist wie folgt aufgebaut. In Abschnitt 2 wird zunächst der Begriff des Going Private definiert und anhand kurzer Ausführungen zu den handelnden Akteuren Einblicke in die Funktionsweise des deutschen Going Private-Marktes vermittelt. In Abschnitt 3 wird die zu überprüfende...

Our study analyzes a large sample of transactions carried out by corporate insiders reported to the German regulatory authority BaFin in the period July 1, 2002 to April 30, 2005 employing event study methodology. In particular, we focus on the question whether corporate insiders exploit inside...

Ein Swap ist ein Vertrag zwischen zwei Parteien, die sich zum gegenseitigen Austausch zukünftiger Zahlungen verpflichten. Die Vereinbarung determiniert die Zeitpunkte, an denen die Zahlungen zu erfolgen haben, und in welcher Weise deren Betrag zu bestimmen ist. Während bei Forward-Geschäften...

This paper proposes a methodological improvement to empirical studies of herd behavior based on investor transactions. By developing a simple model of trading behavior, we show that the traditionally used herding measure produces biased results. As this bias depends on characteristics of the...

This paper evaluates the long-run performance of buy and sell recommendations issued by journalists at German Personal Finance Magazines for the first time. We find evidence for journalists providing significant investment value with their recommendations on the sell side since sell...

We examine the herd behavior among equity funds in Germany based on a large sample of funds from 2000 to 2009. We show that a large portion of the detected herding can be explained by identical trading among funds of the same investment company. However, we also find statistically significant...

We examine the herd behavior among equity funds in Germany based on a large sample of funds from 2000 to 2009. We show that a large portion of the detected herding can be explained by identical trading among funds of the same investment company. However, we also find statistically significant...

Extant literature consistently documents that investors tilt their domestic equity portfolios towards regionally close stocks (local bias). We hypothesize that individual investors' local bias is not limited to the domestic sphere but instead also determines their international investment...

The existence of the momentum effect in stock returns has been documented for the US (e.g., Jegadeesh and Titman in J. Finance 48(1), 65–91, <CitationRef CitationID="CR28">1993</CitationRef>) and many other national equity markets worldwide (e.g., Griffin et al. in J. Finance 58(6), 2515–2547, <CitationRef CitationID="CR21">2003</CitationRef>). However, little is known about the...</citationref></citationref>