Working Paper Series: Finance and Accounting

From Department of Finance, Goethe University Frankfurt am Main
Senckenberganlage 31, 60054 Frankfurt.
Contact information at EDIRC.
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128: Share Buy-Backs in Germany - Overreaction to Weak Signals?

Andreas Hackethal and Alexandre Zdantchouk

127: Value Based Management auf Basis von ERIC

Louis John Velthuis

126: Networks of MSE banks for financial sector development - a case-study in private-public partnership

Reinhard Schmidt and J. D. von Pischke

125: Financing Patterns: Measurement Concepts and Empirical Results

A. Hackethal and Reinhard Schmidt

124: Estimating the Expected Cost of Equity Capital Using Consensus Forecasts

Günther Gebhardt, Holger Daske and Stefan Klein

123: The Cost of Employee Stock Options

Peter Raupach

122: The Valuation of Employee Stock Options - How Good Is the Standard?

Peter Raupach

121: European Securitisation: A GARCH Model of CDO, MBS and Pfandbrief Spreads

Andreas Jobst

120: Efficient Systems for the Securities Transaction Industry- A Framework for the European Union

Baris Serifsoy and Marco Weiss

119: Verbriefung und ihre Auswirkung auf die Finanzmarktstabilität

Andreas Jobst

118: Corporate Governance in Germany: An Economic Perspective

Reinhard Schmidt

115: Evaluating internal credit rating systems depending on bank size

Hergen Frerichs and Mark Wahrenburg

114: Return and Risk of German Open-End Real Estate Funds

Raimond Maurer, Frank Reiner and Ralph Rogalla

113: Der deutsche Hypothekenbankenmarkt: Ergebnisse einer empirischen Untersuchung

Patrick Behr, André Güttler and Thomas Kiehlborn

111: What Constitutes a Financial System in General and the German Financial System in Particular?

Reinhard Schmidt and Marcel Tyrell

110: On the Stability of Different Financial Systems

Falko Fecht

109: Hedging the Exchange Rate Risk in International Portfolio Diversification: Currency Forwards versus Currency Options

Raimond Maurer and Shohreh Valiani

108: Characteristics of German Real Estate Return Distributions: Evidence from Germany and Comparison to the U.S. and U.K

Raimond Maurer, Frank Reiner and Steffen Sebastian

106: German Banks and Banking Structure

A. Hackethal

105: The long term impact of microfinance on income, wages and the sectoral distribution of economic activity

Ingo E. Tschach

104: Shareholder vs. Stakeholder: Ökonomische Fragestellungen

Reinhard Schmidt and Marco Weiss

103: The Theoretical Derivation of Credit Market Segmentation as the Result of a Free Market Process

Ingo E. Tschach

102: Open Source as a Signalling Device - An Economic Analysis

Samuel Lee, Nina Moisa and Marco Weiss

100: Erklärungsfaktoren für den Einsatz von Währungsderivaten bei deutschen Unternehmen - eine empirische Logit-Analyse

Günther Gebhardt and Oliver Ruß

97: Avoiding the rating bounce: Why rating agencies are slow to react to new information

Gunter Löffler

96: Collateralized Loan Obligations (CLOs) – A Primer

Andreas Jobst

95: Accounting for Financial Instruments in the Banking Industry

Günther Gebhardt, Rolf Reichardt and Carsten Wittenbrink

94: Portfolio Choice and Estimation Risk: A Comparison of Bayesian to Heuristic Approaches

Ulf Herold and Raimond Maurer

92: Bayesian Asset Allocation and U.S. Domestic Bias

Ulf Herold and Raimond Maurer

89: Stock Options as Incentive Contract and Dividend Policy

Robert M. Gillenkirch and Markus C. Arnold

87: Microfinance as a Nexus of Incentives

Reinhard H. Schmidt and Ingo E. Tschach

86: Equity Carve-Outs and Corporate Control in Germany

Yvonne Löffler and Ralf Elsas

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

Günther Gebhardt, Stefan Heiden and Holger Daske

84: Evaluating credit risk models: A critique and a proposal

Hergen Frerichs and Gunter Löffler

80: Bedingungen der Anreizkompatibilität, Fundierung von Unternehmenszielen und Anreize für deren Umsetzung

Helmut Laux

78: Internationally Cross-Listed Stock Prices During Overlapping Trading Hours: Price Discovery and Exchange Rate Effects

Joachim Grammig, Michael Melvin and Christian Schlag

76: A Note on Forward and Backward Partial Differential Equations for Derivative Contracts with Forwards as Underlyings

Angelika Esser and Christian Schlag

74: Structural positions and risk budgeting - Quantifying the impact of structural positions and deriving implications for active portfolio management

Ulf Herold and Raimond Maurer

73: Mängel bei der Abschlußprüfung: Tatsachenberichte und Analysen aus betriebswirtschaftlicher Sicht

Jens Wüstemann

72: The Future of Banking in Europe

Reinhard Schmidt

71: Wie global sind Japans Banken? Die Veränderung institutioneller Bedingungen und ihre Auswirkungen auf die internationale Präsenz japanischer Kreditinstitute

Michael Grote and Britta Klagge

70: Publizitätspflichten börsennotierter Aktiengesellschaften im Spannungsfeld zwischen Regelberichterstattung und Ad-hoc-Publizität - Überlegungen zu einer gesetzeskonformen und kapitalmarktorientierten Umsetzung

Stefan Feinendegen and Eric Nowak

69: The Demand for Homeowners Insurance with Bundled Catastrophe Coverages

Martin Grace, Robert W. Klein and Paul R. Kleindorfer

68: Construction of a Transaction-Based Real Estate Index for the Paris Housing Market

Raimond Maurer, Martin Pitzer and Steffen Sebastian

67: International Equity Portfolios and Currency Hedging: The Viewpoint of German and Hungarian Investors

Gyöngyi Bugár and Raimond Maurer

66: Portfolio-aspects in real options management

Rainer Brosch

65: Pension Systems and Financial Systems in Europe: A Comparison from the Point of View of Complementarity

Reinhard Schmidt and Marcel Tyrell

64: Competition for Order Flow as a Coordination Game

Jutta Dönges and Frank Heinemann

63: Ist der Ablauf der Lock-up-Frist bei Neuemissionen ein kursrelevantes Ereignis

Eric Nowak and Alexandra Gropp

62: Einfache ökonometrische Verfahren für die Kreditrisikomessung: Verweildauermodelle

Ulrich Kaiser and Andrea Szczesny