In: Advances in Financial Economics, 2004, vol. 10, p. 181- 200
This chapter explores the stock price impact of expirations of lock-up provisions that prevent insiders from selling their shares after the Initial Public Offering (IPO). We examine 172 lock-up expirations of 142 IPOs floated on Germany’s Neuer Markt. We detect significant negative abnormal returns and a 25% increase in trading volume surrounding lock-up expiration. The negative abnormal...
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Thèse de doctorat : Università della Svizzera italiana, 2004 ; 2004ECO008.
Large-block trades have been typically handled over the counter in the upstairs market. Institutional trading raises several issues of concern, such as the fragmentation of order flow, potential liquidity shortage in the downstairs market, and implications for market efficiency. Large investors’ trades may infact produce a price impact that can adversely influence their investment decisions....
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Thèse de doctorat : Université de Fribourg, 2006.
The aim of this Ph.D. thesis is to estimate an import allocation model for Switzerland and test the homogeneity and symmetry hypotheses implied by demand theory. In previous works, the rejection of these hypotheses has often been attributed to the dynamic mis-specification of the models. Some alternative dynamic specifications (error-correction, autoregressive-errors and partial-adjustment) are...
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This paper reports on the initial phase of an international teaching experiment involving the use of videoconferencing for the teaching of intercultural business communication and negotiation skills. The experiment has the following aims: (a) to give insight into how students from different cultures operate in nearly identical situations, (b) to give students exposure to intercultural...
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A unique characteristic of corporate communication is its versatility. With respect to many other organizational functions and competencies, corporate communication tends to adapt to the firm’s characteristics and to the environment, in addition to the circumstances and situations characterizing its use. This is not at all surprising when one of the fundamental roles of communication is...
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Thèse de doctorat : Université de Fribourg, 2005.
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Thèse de doctorat : Università della Svizzera italiana, 2003 ; 2003COM002.
The main goal of this doctoral thesis is to investigate a fundamental topic of research within the Multiagent Systems paradigm: the problem of defining open, heterogeneous, and dynamic interaction frameworks. That is to realize interaction systems where multiple agents can enter and leave dynamically and where no assumptions are made on the internal structure of the interacting agents. Such topic...
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Thèse de doctorat : Università della Svizzera italiana, 2002 ; 2002ECO001.
This thesis explores a way of representing the structure of the international trade system and of understanding its behaviour. Its main contribution is a model, developed following computer simulation methodology, that deals with interactions and interdependencies in international trade, and consequently, with the study of patterns of trade and trading bloc formation. The simulation model allows...
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Thèse de doctorat : Université de Fribourg : 2000.
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Thèse de doctorat : Université de Fribourg : 2002.
This study investigated expansion strategies of international hotel operators in Eastern Central Europe. Due to the growing importance of services in economic development, there is an impressive body of knowledge on the process of internationalization and service industries. The last comprehensive academic study on internationalization and the hotel industry was undertaken at the beginning of the...
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