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Literature shows that founding-family control tends to positively impact firm performance and valuation. However, it is questioned whether this positive impact also persists in times of crisis or might even be reverted, as in such periods families could be focused on the survival of the firm even at the expense of long-term cash flows. By studying a large sample of listed German firms over the period 1998–2018, we document a significant outperformance of family firms in terms of ROA and (to a lesser extent) Tobin's Q during the crisis years 2008–2010 relative to their non-family counterparts. Moreover, this crisis resilience is more pronounced the stronger the family influence in terms of equity ownership. Outside the crisis period, there is only weak evidence for any outperformance. Digging deeper into this crisis effect, we find family firms to significantly reduce their leverage during the crisis. This, however, is not done at the expense of future cash flows, as we find weak evidence that family firms increase their capital expenditures as well as their employment relative to their non-family counterparts. Given that these results also hold in a dynamic panel system GMM approach and withstand a battery of robustness tests, we hope to add new evidence on the drivers of family firm performance. [ABSTRACT FROM AUTHOR]

Several studies have emphasized a slow price adjustment to reported insider trades for Germany. The results presented in this paper, though, show that this is mainly caused by a subset of high arbitrage risk stocks. In fact, the abnormal return difference between the quintiles of stocks with highest and lowest idiosyncratic risk is in the range of 2.99–4.90% over a 20-day interval. These results are robust even in the context of a joint generalized least squares approach. By developing a simple zero-investment arbitrage trading strategy mimicking insider trades, it turns out that such a trading strategy, in most cases, generates significant positive returns as long as transaction costs are neglected. However, the outperformance disappears in all risk quintiles, if bid/ask spreads are taken into account. We conclude that the market's under-reaction to reported insider trades can mainly be explained by the cost of risky arbitrage and is therefore not exploitable. [ABSTRACT FROM AUTHOR]

In this article it is argued that overregulation in the German banking industry is driven by deficient incentives. One important piece in this picture is the rule that resources used by the supervision authority are financed, basically, through an industry tax. Overregulation arises in such a context because the social cost of regulation is neither internalised by the supervision authority nor by the government. The natural antagonism of the industry against too much regulation is attenuated because of a highly unequal impact of the regulation cost on different industry groups. In line with this picture we present evidence in favour of the hypothesis that international harmonisation in banking regulation evolved as a means of overregulation. [ABSTRACT FROM AUTHOR]

This paper is focused on the cost of raising capital in Germany. A cross-sectional analysis of flotation cost data for 117 IPOs over the years 1993–1998 is presented. We find average flotation costs to be 7.77 percent of gross proceeds, while underwriting fees average 5.01 percent. Our results extend the literature in two important directions. First, contrary to the conventional economies of scale view we find marginal spreads to be rather constant in gross proceeds and to be higher for more risky and more complex offerings. Fixed costs amount to 5 to 9 percent of underwriting fees. Second, by applying a principal component analysis we find issue size, an issuer risk factor, and an offering method complexity factor to have an economicaly meaningful impact on underwriting fees. [ABSTRACT FROM AUTHOR]

This paper is focused on the cost of raising equity capital in Germany. In the spirit of AltinkiliÇ and Hansen (2000) it challenges the conventional wisdom that flotation costs are characterised by economies of scale. For a sample of 120 SEOs on the German capital market over the years 1993–98 it is found that average total flotation costs amount to 1.61% of gross proceeds, while average underwriting fees are about 1.32%. Moreover, it turns out that flotation costs rise the larger the free float of the company is and the larger the share of stocks offered within a firm commitment cash offering is. As far as the economies of scale view is concerned, we do not find clear evidence in favour of decreasing marginal flotation costs. Moreover, fixed costs seem not to be very high in that they account on average for not more than 14–24% of total flotation costs or total underwriting fees, respectively. [ABSTRACT FROM AUTHOR]

Severely burned patients suffer from both coagulopathy and hypothermia, with a lack of international consensus and appropriate treatment guidelines. This study examines recent developments and trends in coagulation and temperature management in European burn centers. A survey was sent to burn centers in Switzerland, Austria and Germany in 2016 and again in 2021. The analysis was performed using descriptive statistics, with categorical data reported in absolute numbers (n) and percentages (%) and numerical data reported as mean and standard deviation. The rate of completed questionnaires was 84 % (16 of 19 questionnaires) in 2016 and 91 % (21 of 22 questionnaires) in 2021. The number of global coagulation tests performed has decreased over the observation period in favor of single factor determination and bed-side point-of-care coagulation tests. This has also led to increased administration of single factor concentrates in therapy. Although many centers had a defined treatment protocol for hypothermia in 2016, coverage increased such that in 2021 all centers surveyed had such a protocol. The body temperature was measured more consistently in 2021; thus, hypothermia was more actively sought, detected and treated. A point-of-care guided, factor-based coagulation management and the maintenance of normothermia have gained importance in the care of burn patients in recent years. Severely burned patients are at particular risk of developing burn-induced coagulopathy or perioperative hypothermia. Clear guidelines regarding coagulation and temperature management are largely absent in the care of severely burned patients. In recent years, point-of-care guided, factor-based coagulation management has gained importance in European burn centers. The high rate of hypothermia management concepts in 2016 was further expanded in 2021. [ABSTRACT FROM AUTHOR]