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Hedge fund activism and information disclosure: the case of Germany

Weber, Peter and Zimmermann, Heinz. (2010) Hedge fund activism and information disclosure: the case of Germany. [S.l.].

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Official URL: http://edoc.unibas.ch/dok/A5841385

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Abstract

Based on the German regulatory framework, we provide a more detailed picture about the information disclosure process surrounding the announcement of major shareholdings of hedge funds in listed companies. We separate price and volume effects between three event dates: the transaction date when the investor reaches a notifiable threshold, the announcement date when potential insiders (the target firm and the regulator) get advance information, and the publication date when the information is officially released to the public. The separation makes it possible to analyze information and price pressure effects in some detail. The paper also documents the extent and nature of delays in hedge funds’ notification behavior.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Finanzmarkttheorie (Zimmermann)
UniBasel Contributors:Zimmermann, Heinz
Item Type:Working Paper
Bibsysno:Link to catalogue
Publisher:Social Science Research Network
Note:Publication type according to Uni Basel Research Database: Discussion paper / Internet publication
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Last Modified:24 May 2013 09:22
Deposited On:24 May 2013 09:06

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