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Hedge Fund Activism and Information Disclosure: The Case of Germany

Weber, Peter and Zimmermann, Heinz. (2013) Hedge Fund Activism and Information Disclosure: The Case of Germany. European financial management, 19 (5). pp. 1017-1050.

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Official URL: http://edoc.unibas.ch/dok/A6205544

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Abstract

Based on the German regulatory framework, we provide a more detailed picture of 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 notification threshold, the announcement date when potential insiders (the target firm and the regulator) receive advance information, and the publication date when the information is officially released to the public. This 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 and Weber, Peter
Item Type:Article, refereed
Article Subtype:Research Article
Bibsysno:Link to catalogue
Publisher:Wiley-Blackwell
ISSN:1354-7798
Note:Publication type according to Uni Basel Research Database: Journal article
Identification Number:
Last Modified:12 Jul 2018 09:30
Deposited On:31 Jan 2014 09:50

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