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While companies have emerged as very proactive donors in the wake of recent major disasters like Hurricane Katrina, it remains unclear whether that corporate generosity generates benefits to firms themselves. The literature on strategic philanthropy suggests that such philanthropic behavior may be valuable because it can generate direct and indirect benefits to the firm, yet it is not known whether investors interpret donations in this way. We develop hypotheses linking the strategic character of donations to positive abnormal returns. Using event study methodology, we investigate stock market reactions to corporate donation announcements by 108 US firms made in response to Hurricane Katrina. We then use regression analysis to examine if our hypothesized predictors are associated with positive abnormal returns. Our results show that overall, corporate donations were linked to neither positive nor negative abnormal returns. We do, however, see that a number of factors moderate the relationship between donation announcements and abnormal stock returns. Implications for theory and practice are discussed.
Die Krisenproteste in Frankfurt am Main und insb. das Blockupy-Bündnis und dessen Praxen zwischen 2012 und 2015 stehen im Mittelpunkt der folgenden Auseinandersetzung. Insgesamt stellt Blockupy den wohl breitesten Versuch dar, in Deutschland Widerstand gegen das „europäische Krisenregime“ zu organisieren. Hierfür trat das Bündnis 2012 und 2013 mit Aktionen des zivilen Ungehorsams in Frankfurt, im Mai 2014 mit dezentralen Aktionen in ganz Europa sowie der Mobilisierung gegen die Eröffnungsfeier des Neubaus der EZB im Frankfurter Ostend 2015 in Erscheinung. In dichter Form werden die Ereignisse skizziert und abschließend bewertet. Zentralgestellt werden in der Auseinandersetzung mit Blockupy dessen Praxen des Widerspruchs, die Aktionsformen sowie die Prozesse der Bündnisbildung. Gefragt wird nach Blockupys Organisation, den vollzogenen Lernprozessen sowie den inhaltlichen und praxisbezogenen Verschiebungen. Herausgearbeitet wird, dass Blockupy zunächst stark auf die Kritik an „Banken und Konzernen“ abzielte, dann aber immer expliziter auf die EZB fokussierte und eine antikapitalistische Position entwickelte. Immer stärker wird auch die internationale Ausrichtung des Bündnisses, womit die Zielsetzung der Etablierung eines ‚Europas von unten‘ entgegen der ‚autoritären EU von oben‘ einherging.
This article provides a proposal to use IMF Article VIII, Section 2 (b) to establish a binding mechanism on private creditors for a sovereign debt standstill. The proposal builds on the original idea by Whitney Deveboise (1984). Using arguments brought forward by confidential IMF staff papers (1988, 1996) and the IMF General Counsel (1988), this paper shows how an authoritative interpretation of Article VIII, Section 2 (b) can provide protection from litigation to countries at risk of debt distress.
The envisaged mechanism presents several advantages over recent proposals for a binding standstill mechanism, such as the International Developing Country Debt Authority (IDCDA) by UNCTAD and a Central Credit Facility (CFF) by the Bolton Committee. First, this approach would not require the creation of new intergovernmental mechanisms or facilities. Second, the activation of the standstill mechanism can be set in motion by any IMF member country and does not require a modification of its Articles of Agreement. Third, debtor countries acting in good faith under an IMF program would be protected from aggressive litigation strategies from holdout creditors in numerous jurisdictions, including the US and the UK. Fourth, courts in key jurisdictions would avoid becoming overburdened by a cascade of sovereign debt litigation covering creditors and debtors across the globe. Fifth, private creditors would receive uniform treatment and ensure intercreditor equality. Sixth and last, the mechanism would provide additional safeguards to protect emergency multilateral financing provided to tackle Covid-19.
This paper examines intraday stock price effects and trading activity caused by ad hoc disclosures in Germany. The evidence suggests that the observed stock prices react within 90 minutes after the ad hoc disclosures. Trading volumes take even longer to adjust. We find no evidence for abnormal price reactions or abnormal trading volume before announcements. The bigger the company that announces an ad hoc disclosure, the less severe is the abnormal price effect following the announcement. The number of analysts is negatively correlated to the trading volume effect before the ad hoc disclosure. The higher the trading volume on the last trading day before the announcement, the greater is the price effect after the ad hoc disclosures and the greater the trading volume effect. Keywords: ad hoc disclosure rules, intraday stock price adjustments, market efficiency.
It is the objective of this paper to determine the voting premium for French shares by comparing the values of voting and non-voting shares, and to analyze the value of the voting rights. The study uses data for 25 French companies which had both types of shares outstanding and traded on the stock exchange during the entire period from 1986 to 1996, or for some time during this interval. The average value of the voting premium is 51,35%.
The paper analyzes the reasons for this surprisingly high value by testing different hypotheses based on dividend differences, the revival) of the voting right, capitalization, shareholder structure, and the share of non-voting capital in total equity capital. The regressions show that the shareholder structure strongly influences the value of the voting premium.
A case study of the attempted takeover of Casino by Promodes shows that investors attach a much higher value to the voting right during relevant situations than at other tomes. Both companies involved had, at the time, two types of shares outstanding and listed. Furthermore the paper shows that non-voting shares have never played an important role in equity finance in France since the companies have different alternatives.
In an international cumparison, France is found to have the second highest voting premium, exceeded only by that of Italy. A probable reason is the low quality of the national accounting standards and the low level of minority shareholder protection.
We assess the relationship between finance and growth over the period 1980-2014. We estimate a cross-country growth regression for 48 countries during 20 periods of 15 years starting in 1980 (to 1995) and ending in 1999 (to 2014). We use OLS and IV estimations and we find that: 1) overall financial development had a positive effect on economic growth during all periods of our sample, i.e., we confirm that from 1980 to 2014 financial services provided by the various financial systems were significant (to various degrees) for firm creation, industrial expansion and economic growth; but that, 2) the structure of financial markets was particularly relevant for economic growth until the financial crisis; while 3) the structure of the banking sector played a major role since; and finally that, 4) the legal system is the primary determinant of the effectiveness of the overall financial system in facilitating innovation and growth in (almost) all of our sample period. Hence, overall our results suggest that the relationship between finance and growth matters but also that it varies over time in strength and in sector origination.
JEL Classification: O16, G16, G20.
This paper studies the impact of banks’ dividend restrictions on the behavior of their institutional investors. Using an identification strategy that relies on the within investor variation and a difference in difference setup, I find that funds permanently decrease their ownership shares at treated banks during the 2020 dividend restrictions in the Eurozone and even exit treated banks’ stocks. Using data before the intro- duction of the ban reveals a positive relationship between fund ownership and banks’ dividend yield, highlighting again the importance of dividends for European banks’ fund investors. This reaction also has pricing implications since there is a negative relationship between the dividend restriction announcement day cumulative abnormal returns and the percentage of fund owners per bank.
We empirically examine the Capital Purchase Program (CPP) used by the US gov- ernment to bail out distressed banks with equity infusions during the Great Recession. We find strong evidence that a feature of the CPP – the government’s ability to ap- point independent directors on the board of an assisted bank that missed six dividend payments to the Treasury – helped attenuate bailout-related moral hazard. Banks were averse to these appointments – the empirical distribution of missed payments exhibits a sharp discontinuity at five. Director appointments by the Treasury led to improved bank performance, lower CEO pay, and higher stock market valuations.
Hans Joachim Schädlich ist einer der renommiertesten, literarisch bedeutendsten Autoren aus dem Kreis derer, die seit 1976 die DDR verließen. Er war ein Schriftsteller, den man nicht veröffentlichen ließ, und ein bekennender Demokrat, der alle Vorstellungen seiner Intellektuellen-Kollegen, den "realen Sozialismus" vielleicht doch noch reformieren und zum "wahren Sozialismus" machen zu können, für illusionär hielt. Der Gang der deutschen Dinge seit 1989 hat ihn ohne Einschränkung bestätigt. Zur DDR-Literatur wollte und will Schädlich eigentlich nicht gehören - und muß es doch hinnehmen, wenn er zumindest partiell in Kontexten von DDR-Literatur gesehen und analysiert wird, ohne daß jemand auf die Idee käme, seine Texte mit denen von Hermann Kant und Erik Neutsch, ja, nicht einmal mit denen von Christa Wolf und Volker Braun in eins zu setzen.