CEFS Working Paper Series

2010

2010 No. 5

DAXplus Family - Primer on a Family Firm Stock Index in Germany (DAXplus Family - Ein Aktienindex zur Darstellung der Performance von Familienunternehmen)

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)
Tobias Kauf (CEFS/TU München)
Sarah Volk (CEFS/TU München)

2010 No. 4

Loss of Control vs. Risk Reduction - Decision Factors for Hiring Non-Family CFOs in Family Firms

[SSRN]
Eva Lutz (CEFS/TU München)
Stephanie Schraml (CEFS/TU München)
Ann-Kristin Achleitner (CEFS/TU München)

2010 No. 3

Simulation-Based Valuation of Project Finance - Does Model Complexity Really Matter?

[SSRN]
Florian Weber (CEFS/TU München)
Thomas Schmid (CEFS/TU München)
Matthäus Pietz (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2010 No. 2

Geographic Location of a New Venture and the Likelihood of a Venture Capital Investment

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Marko Bender (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)
Eva Lutz (CEFS/TU München)

2010 No. 1

Controlling Shareholders and Payout Policy: Do Founding Families Have a Special 'Taste for Dividends'?

[SSRN]
Thomas Schmid (CEFS/TU München)
Markus Ampenberger (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)
Ann-Kristin Achleitner (CEFS/TU München)

2009

2009 No. 15

Structure and Determinants of Financial Covenants in Leveraged Buyouts - Evidence from an Economy with Strong Creditor Rights

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Reiner Braun (CEFS/TU München)
Florian Tappeiner (CEFS/TU München)

2009 No. 14

Influence of Internal Factors on the Use of Equity- and Mezzanine-Based Financing in Family Firms

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Eva Lutz (CEFS/TU München)
Stephanie Schraml (CEFS/TU München)

2009 No. 13

The German Entrepreneurial Index (GEX®) - A Primer on an Ownership-Based Style Index in Germany

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)
Markus Ampenberger (CEFS/TU München)
Florian Bitsch (CEFS/TU München)

2009 No. 12

Net Asset Value Discounts in Listed Private Equity Funds

[SSRN]
Henry Lahr (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2009 No. 11

Risk Premia in Electricity Wholesale Spot Markets - Empirical Evidence from Germany

[SSRN]
Matthäus Pietz (CEFS/TU München)

2009 No. 10

Angels or Demons? Evidence on the Impact of Private Equity Firms on Employment

[SSRN]
Eva Nathusius (CEFS/TU München)
Ann-Kristin Achleitner (CEFS/TU München)

2009 No. 9

Drivers of Earnings Quality in a Bank-Based Economy: Evidence from Voluntary vs. Mandatory IFRS Adoption in Germany

[SSRN]
Nina Günther (CEFS/TU München)
Bernhard Gegenfurtner (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)
Ann-Kristin Achleitner (CEFS/TU München)

2009 No. 8

Goal Structures in Family Firms: Empirical Evidence on the Relationship between Firm and Family Goals

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Reiner Braun (CEFS/TU München)
Stephanie Schraml (CEFS/TU München)
Juliane Welter

2009 No. 7

Risk Premia in the German Electricity Futures Market

[SSRN]
Matthäus Pietz (CEFS/TU München)

2009 No. 6

Patterns in Spatial Proximity between Venture Capital Investors and Investees in Germany - An Empirical Analysis

[SSRN]
Marko Bender (CEFS/TU München)
Eva Nathusius (CEFS/TU München)

2009 No. 5

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

[SSRN]
Markus Ampenberger (CEFS/TU München)
Thomas Schmid (CEFS/TU München)
Ann-Kristin Achleitner (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2009 No. 4

Market Liquidity Risk - An Overview

[SSRN]
Sebastian Stange (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2009 No. 3

Stock-based Incentives in Executive Compensation Packages - Evidence from German Prime Standard Firms (Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung - Evidenz auf Basis Deutscher Prime Standard Unternehmen)

[SSRN]
Marc Steffen Rapp (CEFS/TU München)
Philipp Schaller (CEFS/TU München)
Michael Wolff (University of Karlsruhe (TH))

2009 No. 2

The Impact of Managerial Ownership, Monitoring and Accounting Standard Choice on Accrual Mispricing

[SSRN]
Bernhard Gegenfurtner (CEFS/TU München)
Markus Ampenberger (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2009 No. 1

Measuring Market Liquidity Risk - Which Model Works Best?

[SSRN]
Cornelia Ernst (CEFS/TU München)
Sebastian Stange (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2008

2008 No. 15

Private Equity Investors as Corporate Governance Mechanism in Continental Europe

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
André Betzer (University of Bonn)
Bastian Hinterramskogler (CEFS/TU München)

Best Paper Prize, 7th International Conference on Corporate Governance, Birmingham Business School

2008 No. 14

Accounting for Non-Normality in Liquidity Risk

[SSRN]
Cornelia Ernst (CEFS/TU München)
Sebastian Stange (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2008 No. 13

Family Firms, Agency Costs and Risk Aversion - Empirical Evidence from Diversification and Hedging Decisions

[SSRN]
Thomas Schmid (CEFS/TU München)
Markus Ampenberger (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)
Ann-Kristin Achleitner (CEFS/TU München)

2008 No. 12

Private Equity Minority Investments in Large Family Firms: What Influences the Attitude of Family Firm Owners?

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Stephanie Schraml (CEFS/TU München)
Florian Tappeiner (CEFS/TU München)

2008 No. 11

Investment Rationales of Hedge Funds and Private Equity Funds in the German Stock Market

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
André Betzer (University of Bonn)
Jasmin Gider (University of Bonn)

2008 No. 10

Why and How to Integrate Liquidity Risk into a Var-Framework

[SSRN]
Sebastian Stange (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2008 No. 9

The Impact of Order Size on Stock Liquidity - A Representative Study

[SSRN]
Sebastian Stange (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2008 No. 8

Equilibrium Security Prices with Capital Income Taxes and an Exogenous Interest Rate

[pdf]
Marc Steffen Rapp (CEFS/TU München)
Bernhard Schwetzler (Center for Corporate Transactions (CCT), Department of Finance, Leipzig Graduate School of Management (HHL))

2008 No. 7

Has the Sarbanes-Oxley Act reduced the Adverse Selection Cost of Going Public?

[SSRN]
Christoph Kaserer (CEFS/TU München)
Alfred Mettler (Georgia State University)
Stefan Obernberger (CEFS/TU München)

2008 No. 6

Private Equity Entities and Conglomerates: What are the Differences?

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Kay Müller (CEFS/TU München)

2008 No. 5

Economic Consequences of Private Equity Investments on the German Stock Market

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Christian Andres (University of Bonn)
André Betzer (University of Bonn)
Charlie Weir (Robert Gordon University - Aberdeen Business School)

2008 No. 4

Market Efficiency Reloaded: Why Insider Trades do not Reveal Exploitable Information

[pdf]
Sebastian Dickgiesser (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2008 No. 3

Community Development Venture Capital: Concept and Status Quo in Germany

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Rainer Braun (CEFS/TU München)
Marko Bender (CEFS/TU München)
Annabell Geidner (CEFS/TU München)

2008 No. 2

Uncertain Private Benefits and the Decision to Go Public

[pdf]
Olaf Ehrhardt (FH Stralsund)
Henry Lahr (CEFS/TU München)

2008 No. 1

Linking Credit Risk Premia to the Equity Premium

[pdf]
Tobias Berg (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2007

2007 No. 2

Quantitative Valuation of Platform Technology Based Intangibles Companies

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Eva Nathusius (CEFS/TU München)
Stephanie Schraml (CEFS/TU München)

2007 No. 1

Entrepreneurship Education in German Speaking Europe - A Mapping

[pdf]
Ann-Kristin Achleitner (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)
Svenja Jarchow (CEFS/TU München)
Karen Wilson (EFER)

2006

2006 No. 2

Stochastic Modeling of Private Equity - An Equilibrium Based Approach to Fund Valuation

[pdf]
Axel Buchner (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)
Niklas Wagner (CEFS/TU München)

2006 No. 1

Lifting the Veil of Accounting Information under Different Accounting Standards - Lessons Learned from the German Experiment

[pdf]
Carmen Adamek (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2005

2005 No. 5

Employment Contribution of Private Equity and Venture Capital in Europe

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Oliver Klöckner (CEFS/TU München)

2005 No. 4

Beteiligungskapital und selektive Informationssuche in mittelständischen Unternehmen

[pdf]
Ann-Kristin Achleitner (CEFS/TU München)
Angela Poech (CEFS/TU München)
Thorsten Groth (CEFS/TU München)

2005 No. 3

Private Equity Funds and Hedge Funds - A Primer

[SSRN]
Ann-Kristin Achleitner (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)

2005 No. 2

Real Estate Private Equity - Funktion und Bedeutung einer Anlageklasse

[pdf]
Ann-Kristin Achleitner (CEFS/TU München)
Niklas Wagner (CEFS/TU München)

2005 No. 1

Insider Ownership and Corporate Performance: Evidence from Germany

[pdf]
Christoph Kaserer (CEFS/TU München)
Benjamin Moldenhauer (CEFS/TU München)

2004

2004 No. 7

Charakteristika und Erfolgsmerkmale junger, deutscher Unternehmen – Schwerpunkt Finanzierung

[pdf]
Ann-Kristin Achleitner (CEFS/TU München)
Christoph Kaserer (CEFS/TU München)
Niklas Wagner (CEFS/TU München)
Angela Poech (CEFS/TU München)
Martin Brixner (CEFS/TU München)
Axel Buchner (CEFS/TU München)
Benjamin Moldenhauer (CEFS/TU München)
 

2004 No. 6

Determinanten der Vorstandsvergütung in Deutschland:
Paradigmenwechsel oder Versagen in der Unternehmenskontrolle

[to be released]
Christoph Kaserer (CEFS/TU München)
Niklas Wagner (CEFS/TU München)

2004 No. 5

What you Get is What You Need? The Role of Venture Capitalists
in Managing Growth of New Ventures

[pdf]
Ann-Kristin Achleitner (CEFS/TU München)
Christian Fingerle (CEFS/TU München)

2004 No. 4

The Index Effect - Comparison of Different Measurement Approaches

[pdf]
Christoph Kaserer (CEFS/TU München)
Jakob Munzinger (Freie Universität Bozen)
Niklas Wagner (CEFS/TU München)

2004 No. 3

Surprise Volume and Heteroskedasticity in Equity Market Returns

[pdf]
Niklas Wagner (CEFS/TU München)
Terry A. Marsh (Haas School of Business/ U.C. Berkeley)

2004 No. 2

What Drives Cash Flow Based European Private Equity Returns?
Fund Inflows, Skilled GPs and/or Risk?

[pdf]
Christoph Kaserer (CEFS/TU München)
Christian Diller (CEFS/TU München)

2004 No. 1

European Private Equity Funds
A Cash Flow Based Performance Analysis

[pdf]
Christoph Kaserer (CEFS/TU München)
Christian Diller (CEFS/TU München)

2003

2003 No. 1

Managing Investment Risks of Institutional Private Equity Investors
-The Challenge of Illiquidity

[pdf]
Christoph Kaserer (CEFS/TU München)
Niklas Wagner (CEFS/TU München)
Ann-Kristin Achleitner (CEFS/TU München)