Wir untersuchen, in welchem Ausmaß die Aktien deutscher Unternehmen im Zeitverlauf an ausländischen Börsen gehandelt werden. Es zeigt sich nach anfänglich bedeutsamer Handelsaktivität im Ausland ein ausgeprägter Rückfluss-Effekt nach Deutschland. Zweitnotierungen an ausländischen Börsen...

National borders are still strong barriers for mergers and acquisitions in Europe. We estimate a gravity equation model based on NUTS 2-regions and find that the restraining impact of national borders decreased by about a third between 1990 and 2007. However, there has been no significant change...

This paper examines shareholder wealth effects of cross-border acquisitions. In a sample 155 large acquisitions by German corporations from 19852006 international transactions total do not lead to significant announcement returns. Geography, however, makes a difference: Shareholders of acquiring...

In this paper, we first discuss the notion of important financial centres and the socioeconomic and political conditions which need to be fulfilled for such a centre to exist. We then address the issue of the so-called end of geographyʺ which has attracted a lot of attention recently. Under...