CEFS Working Paper Series

From Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS)
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2012-01: Do investors value cash flow stability of listed infrastructure funds?

Florian Bitsch

2011-04: The capital gains tax: A curse but also a blessing for venture capital investment

Ann-Kristin Achleitner, Carolin Bock and Martin Watzinger

2011-03: Disentangeling gut feeling: Assessing the integrity of social entrepreneurs

Ann-Kristin Achleitner, Eva Lutz, Judith Mayer and Wolfgang Spiess-Knafl

2011-02: Modeling electricity spot prices - Combining mean-reversion, spikes and stochastic volatility

Klaus Mayer, Thomas Schmid and Florian Weber

2011-01: Risikofaktoren und Multifaktormodelle für den Deutschen Aktienmarkt (Risk Factors and Multi-Factor Models for the German Stock Market)

Matthias Hanauer, Christoph Kaserer and Marc Steffen Rapp

2010-09: Considering the shareholder perspective: value-based management systems and stock market performance

Marc Steffen Rapp, Daniel A. Schellong, Maximilian Schmidt and Michael Wolff

2010-08: Information asymmetries and the value-relevance of cash flow and accounting figures: empirical analysis and implications for managerial accounting

Marc Steffen Rapp

2010-07: Determinanten der Vorstandsvergütung: Eine empirische Untersuchung der deutschen Prime-Standard-Unternehmen

Marc Steffen Rapp and Michael Wolff

2010-06: Determinants of director compensation in two-tier systems: evidence from German panel data

Jörn Michael Andreas, Marc Steffen Rapp and Michael Wolff

2010-05: DAXplus family: Ein Aktienindex zur Darstellung der Performance von Familienunternehmen (DAXplus Family – Primer on a family firm stock index in Germany)

Ann-Kristin Achleitner, Christoph Kaserer, Tobias Kauf and Sarah Volk

2010-04: Loss of control vs. risk reduction: decision factors for hiring non-family CFOs in family firms

Eva Lutz, Stephanie Schraml and Ann-Kristin Achleitner

2010-03: Simulation-based valuation of project finance: does model complexity really matter?

Florian Weber, Thomas Schmid, Matthäus Pietz and Christoph Kaserer

2010-02: Geographic location of a new venture and the likelihood of a venture capital investment

Ann-Kristin Achleitner, Marko Bender, Christoph Kaserer and Eva Lutz

2010-01: Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?

Thomas Schmid, Markus Ampenberger, Christoph Kaserer and Ann-Kristin Achleitner

2009-15: Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights

Ann-Kristin Achleitner, Reiner Braun and Florian Tappeiner

2009-14: Influence of internal factors on the use of equity- and mezzanine-based financing in family firms

Ann-Kristin Achleitner, Eva Lutz and Stephanie Schraml

2009-13: The German entrepreneurial index (GEX®): a primer on an ownership-based style index in Germany

Ann-Kristin Achleitner, Christoph Kaserer, Markus Ampenberger and Florian Bitsch

2009-12: Net asset value discounts in listed private equity funds

Henry Lahr and Christoph Kaserer

2009-11: Risk premia in electricity wholesale spot markets: empirical evidence from Germany

Matthäus Pietz

2009-10: Angels or demons? Evidence on the impact of private equity firms on employment

Eva Nathusius and Ann-Kristin Achleitner

2009-09: International financial reporting standards and earnings Quality: the myth of voluntary vs. mandatory adoption

Nina Günther, Bernhard Gegenfurtner, Christoph Kaserer and Ann-Kristin Achleitner

2009-08: Goal structures in family firms: empirical evidence on the relationship between firm and family goals

Ann-Kristin Achleitner, Reiner Braun, Stephanie Schraml and Juliane Welter

2009-07: Risk premia in the German electricity futures market

Matthäus Pietz

2009-06: Patterns in spatial proximity between venture capital investors and investees in Germany: an empirical analysis

Marko Bender and Eva Lutz

2009-05: Capital structure decisions in family firms: empirical evidence from a bank-based economy

Markus Ampenberger, Thomas Schmid, Ann-Kristin Achleitner and Christoph Kaserer

2009-04: Market liquidity risk: an overview

Sebastian Stange and Christoph Kaserer

2009-03: Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung: Evidenz auf Basis Deutscher Prime Standard Unternehmen

Marc Steffen Rapp, Philipp Schaller and Michael Wolff

2009-02: The impact of managerial ownership, monitoring and accounting standard choice on accrual mispricing

Bernhard Gegenfurtner, Markus Ampenberger and Christoph Kaserer

2009-01: Measuring market liquidity risk - which model works best?

Cornelia Ernst, Sebastian Stange and Christoph Kaserer

2008-12: Private equity minority investments in large family firms: what influences the attitude of family firm owners?

Ann-Kristin Achleitner, Stephanie Schraml and Florian Tappeiner

2008-11: Do corporate governance motives drive hedge funds and private equity activities?

Ann-Kristin Achleitner, André Betzer and Jasmin Gider

2008-10: Why and how to integrate liquidity risk into a VaR-framework

Sebastian Stange and Christoph Kaserer

2008-09: The impact of order size on stock liquidity: a representative study

Sebastian Stange and Christoph Kaserer

2008-08: Equilibrium security prices with capital income taxes and an exogenous interest rate

Marc Steffen Rapp and Bernhard Schwetzler

2008-07: The impact of the Sarbanes-Oxley act on the cost of going public

Christoph Kaserer, Alfred Mettler and Stefan Obernberger

2008-06: Private equity entities and conglomerates: what are the differences?

Ann-Kristin Achleitner and Kay Müller

2008-05: Economic consequences of private equity investments on the German stock market

Ann-Kristin Achleitner, Christian Andres, André Betzer and Charlie Weir

2008-04: Market efficiency reloaded: why insider trades do not reveal exploitable information

Sebastian Dickgiesser and Christoph Kaserer

2008-03: Community development venture capital: concept and status quo in Germany

Ann-Kristin Achleitner, Reiner Braun, Marko Bender and Annabell Geidner

2008-02: Uncertain private benefits and the decision to go public

Olaf Ehrhardt and Henry Lahr

2008-01: Linking credit risk premia to the equity premium

Tobias Berg and Christoph Kaserer

2007-02: Quantitative valuation of platform technology based intangibles companies

Ann-Kristin Achleitner, Eva Nathusius and Stephanie Schraml

2007-01: Entrepreneurship education in German speaking Europe: a mapping

Ann-Kristin Achleitner, Christoph Kaserer, Svenja Jarchow and Karen Wilson

2006-02: Stochastic modeling of private equity: an equilibrium based approach to fund valuation

Axel Buchner, Christoph Kaserer and Niklas Wagner

2006-01: Lifting the veil of accounting information under different accounting standards: lessons learned from the German experiment

Carmen Adamek and Christoph Kaserer

2005-05: Employment contribution of private equity and venture capital in Europe

Ann-Kristin Achleitner and Oliver Klöckner

2005-04: Beteiligungskapital und selektive Informationssuche in mittelständischen Unternehmen

Ann-Kristin Achleitner, Angela Poech and Thorsten Groth

2005-03: Private equity funds and hedge funds: a primer

Ann-Kristin Achleitner and Christoph Kaserer

2005-02: Real Estate Private Equity: Funktion und Bedeutung einer Anlageklasse

Ann-Kristin Achleitner and Niklas Wagner

2005-01: Insider ownership and corporate performance: evidence from Germany

Christoph Kaserer and Benjamin Moldenhauer

2004-07: Charakteristika und Erfolgsmerkmale junger, deutscher Unternehmen: Schwerpunkt Finanzierung

Ann-Kristin Achleitner, Christoph Kaserer, Niklas Wagner, Angela Poech, Martin Brixner, Axel Buchner and Benjamin Moldenhauer

2004-05: What you get is what you need? The role of venture capitalists in managing growth of new ventures

Ann-Kristin Achleitner and Christian H. Fingerle

2004-04: The index effect: Comparison of different measurement approaches

Christoph Kaserer, Jakob Munzinger and Niklas Wagner

2004-03: Surprise volume and heteroskedasticity in equity market returns

Niklas Wagner and Terry A. Marsh

2004-02: What drives cash flow based European private equity returns? Fund inflows, skilled GPs and/or risk?

Christoph Kaserer and Christian Diller

2004-01: European private equity funds: A cash flow based performance analysis

Christian Diller and Christoph Kaserer

2003-01: Managing investment risks of institutional private equity investors: The challenge of illiquidity

Christoph Kaserer, Niklas Wagner and Ann-Kristin Achleitner