This paper empirically investigates the impact of both the first release of analysts' stock recommendations to a limited clientele and the subsequent dissemination of the same information in a major newspaper to a broader audience. For a sample of 1460 stock recommendations published in FuW,...

This paper presents an integrated analysis of the relationships between managerial share ownership (or alternatively the percentage of equity-based compensation), four additional corporate governance mechanisms, and firm value by explicitly incorporating the simultaneity of the process...

Einleitung: In der zweiten Hälfte der neunziger Jahre ist die Verbesserung der CorporateGovernance börsennotierter Gesellschaften zu einem intensiv diskutiertenThema geworden. Im Unterschied zu früheren Debatten, wie sie vor etwazwanzig Jahren anlässlich der Arbeit von Jensen/Meckling (1976)...

The doctoral thesis of Louis Bachelier (1900) is widely considered as the seminal work inoption pricing theory. However, only a few years later, 1908, Vinzenz Bronzin, who wasa professor of actuarial science at the Accademia di Commercio e Nautica in Trieste,published a booklet (in German) on...

Recent empirical work shows evidence of a positive relationship between firm-specific corporate governance and firm valuation. Instead of looking at a single control mechanism, we use a broad corporate governance index and additional variables related to ownership structure, board...

Recent empirical work shows that a better legal environment leads to lowerexpected rates of return in an international cross-section of countries. Thispaper investigates whether differences in firm-specific corporate governancealso help to explain expected returns in a cross-section of firms...

In this paper we investigate the relation between statistical tracking error measures and assetallocation restrictions expressed as admissible weight ranges. Typically, tracking errors arecalculated as annual standard deviations of return differentials between tracking portfolio andbenchmark. In...

We investigate the impact of options listings on the variance of the underlyingstock returns in the Swiss equity market using a non-parametric approach.The emergence of multiple share categories in most Swiss firms,combined with the fact that (listed) options are typically not introduced onall...

Es ist für mich eine grosse Ehre, an einer philosophischen Fakultätund in Anwesenheit S.D. Prinz Nikolaus von und zu Liechtensteinüber ein Thema dieser Aktualität sprechen zu dürfen. Wir sind alleschockiert und sprachlos über die Terroranschläge in den USA.Viele Fragen werden aufgeworfen,...

A major problem in studying the performance of private equity is the lack of reliable market data, or the lack of liquidity, the most instruments available in this growing market segment. However, there are an increasing number of publicly traded private equity (PTPE) vehicles. We have found a...