| Author: | Gebhardt, G. |
| Title: | Announcement Effects of Financing Decisions by German Companies: Synthesis of an Empirical Research Program |
| Journal: | Schmalenbach Business Review
2002 : 1, p. 107-134 |
| Index terms: | EMPIRICAL RESEARCH FINANCE FINANCING GERMANY COMPANIES |
| Language: | eng |
| Abstract: | The paper summarizes a series of event studies of the announcement effects of external financing decisions (bonds, bonds with detachable warrants, seasoned equity offers) and of dividend decisions (cash dividends, stock dividends) by German companies. The authors find significant market reactions that partly contradict the evidence of studies that use U S data. A closer analysis of the authors' data provides theory based explanations for the differences in results, and highlights the differences i the structure of the samples and in institutional factors (e.g. corporate governance structures) between the US and Germany. The article provides a substantial list of references on this subject. |
SCIMA