Wolfgang Drobetz

University of Hamburg

Professor of Finance

Moorweidenstrasse 18

Hamburg, 20148

Germany

  • University of Hamburg

SCHOLARLY PAPERS

66

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27,891

SSRN CITATIONS
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Top 3,072

in Total Papers Citations

288

CROSSREF CITATIONS

154

Scholarly Papers (66)

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1.

Corporate Governance and Expected Stock Returns: Evidence from Germany

Downloads 4,681 ( 2,347)
Citation 66

Corporate Governance and Expected Stock Returns: Evidence from Germany

Number of pages: 51 Posted: 19 Feb 2003
Wolfgang Drobetz, Andreas Schillhofer and Heinz Zimmermann
University of Hamburg, Greenhill & Co. and University of Basel - Center for Economic Science (WWZ)
Downloads 3,672 (3,499)
Citation 48

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Corporate Governance, principal-agent theory, asset pricing

Corporate Governance and Expected Stock Returns: Evidence from Germany

Number of pages: 46 Posted: 05 May 2003
Wolfgang Drobetz, Andreas Schillhofer and Heinz Zimmermann
University of Hamburg, Greenhill & Co. and University of Basel - Center for Economic Science (WWZ)
Downloads 980 (28,736)
Citation 33

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corporate governance, principal-agent theory, asset pricing

Corporate Governance and Expected Stock Returns: Evidence from Germany

Number of pages: 28 Posted: 20 Jun 2004
Wolfgang Drobetz, Andreas Schillhofer and Heinz Zimmermann
University of Hamburg, Greenhill & Co. and University of Basel - Center for Economic Science (WWZ)
Downloads 29 (596,471)
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2.

An Integrated Framework of Corporate Governance and Firm Valuation - Evidence from Switzerland

Number of pages: 59 Posted: 27 Jan 2004
Stefan Beiner, Stefan Beiner, Wolfgang Drobetz, Markus Schmid and Heinz Zimmermann
University of BaselUniversity of Oxford - Said Business School, University of Hamburg, University of St. Gallen - Swiss Institute of Banking and Finance and University of Basel - Center for Economic Science (WWZ)
Downloads 3,140 (4,688)
Citation 85

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Corporate governance; Ownership structure; Firm valuation; Endogeneity

3.

Optimal Timing and Tilting of Equity Factors

Financial Analysts Journal, 2019, Vol. 75(4), pp. 84-102
Number of pages: 31 Posted: 15 Dec 2018 Last Revised: 23 Oct 2019
Hubert Dichtl, Wolfgang Drobetz, Harald Lohre, Carsten Rother and Patrick Vosskamp
dichtl research & consulting GmbH, University of Hamburg, Invesco, Invesco and Allianz Global Investors
Downloads 1,205 (21,640)
Citation 8

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asset allocation, factor investing, factor timing, factor tilting, parametric portfolio policy

4.

Antitakeover Provisions and Firm Value: New Evidence from the M&A Market

Journal of Corporate Finance, Forthcoming
Number of pages: 26 Posted: 17 Jan 2019 Last Revised: 26 May 2020
Wolfgang Drobetz and Paul P. Momtaz
University of Hamburg and University of California, Los Angeles (UCLA) - Anderson School of Management
Downloads 1,146 (23,278)
Citation 1

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M&A, takeovers, corporate governance, antitakeover provisions, short-termism, firm value

5.

Capital Structure and Stock Returns: The European Evidence

Number of pages: 27 Posted: 17 Jan 2007
Wolfgang Drobetz and Pascal Pensa
University of Hamburg and University of Basel - Department of Finance
Downloads 1,084 (25,265)
Citation 4

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Capital structure, dynamic adjustment, panel models

6.

Competition Policy and the Profitability of Corporate Acquisitions

Journal of Corporate Finance, Forthcoming
Number of pages: 63 Posted: 02 Nov 2016 Last Revised: 13 Sep 2019
Gishan Dissanaike, Wolfgang Drobetz and Paul P. Momtaz
University of Cambridge - Judge Business School, University of Hamburg and University of California, Los Angeles (UCLA) - Anderson School of Management
Downloads 1,016 (27,748)
Citation 6

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Mergers and Acquisitions (M&a), Takeovers, Acquirer Returns, Acquisition Efficiency, Bidder Wealth Effects, Antitrust Law Enforcement, Competition Policy, Merger Control, Law and Finance

7.

Firm Characteristics and Dynamic Capital Structure Adjustment

Number of pages: 35 Posted: 19 Dec 2006
Wolfgang Drobetz, Pascal Pensa and Gabrielle Wanzenried
University of Hamburg, University of Basel - Department of Finance and Institut für Finanzdienstleistungen Zug (IFZ)
Downloads 925 (31,694)
Citation 7

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Capital structure, dynamic analysis, panel data

8.

Firm Characteristics, Economic Conditions and Capital Structure Adjustments

Number of pages: 38 Posted: 14 Aug 2006
Wolfgang Drobetz, Pascal Pensa and Gabrielle Wanzenried
University of Hamburg, University of Basel - Department of Finance and Institut für Finanzdienstleistungen Zug (IFZ)
Downloads 781 (40,023)
Citation 14

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Capital Structure, dynamic analysis, panel data

9.

An Integrated Framework of Corporate Governance and Firm Valuation

Downloads 770 ( 40,824)
Citation 8

An Integrated Framework of Corporate Governance and Firm Valuation

Number of pages: 44 Posted: 01 Aug 2005
Stefan Beiner, Stefan Beiner, Markus Schmid, Wolfgang Drobetz and Heinz Zimmermann
University of BaselUniversity of Oxford - Said Business School, University of St. Gallen - Swiss Institute of Banking and Finance, University of Hamburg and University of Basel - Center for Economic Science (WWZ)
Downloads 753 (41,446)
Citation 7

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Corporate governance, principal-agent problems, ownership structure, firm valuation, endogeneity

An Integrated Framework of Corporate Governance and Firm Valuation

European Financial Management, Vol. 12, No. 2, pp. 249-283, March 2006
Number of pages: 36 Posted: 08 May 2006
Stefan Beiner, Stefan Beiner, Markus Schmid, Wolfgang Drobetz and Heinz Zimmermann
University of BaselUniversity of Oxford - Said Business School, University of St. Gallen - Swiss Institute of Banking and Finance, University of Hamburg and University of Basel - Center for Economic Science (WWZ)
Downloads 17 (685,421)
Citation 2
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10.

Corporate Life-Cycle Dynamics of Cash Holdings

Swedish House of Finance Research Paper No. 15-07, 28th Australasian Finance and Banking Conference
Number of pages: 39 Posted: 15 Mar 2015 Last Revised: 28 Jul 2016
Wolfgang Drobetz, Michael Halling and Henning Schröder
University of Hamburg, University of Luxembourg and University of Hamburg - Hamburg Business School
Downloads 754 (41,970)
Citation 12

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Corporate life-cycle, cash holdings, value of cash

11.

Performance of Initial Public Offerings: The Evidence for Switzerland

Number of pages: 69 Posted: 20 Feb 2003
Wolfgang Drobetz, Matthias Kammermann and Urs Waelchli
University of Hamburg, Independent and Rochester-Bern Executive Programs
Downloads 666 (49,577)
Citation 3

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initial public offerings, underpricing, long-run stock performance, market efficiency, Swiss stock market

12.

Takeover Law Enforcement and Acquirer Returns

Downloads 657 ( 50,420)

Takeover Law Enforcement and Acquirer Returns

Number of pages: 50 Posted: 30 May 2016 Last Revised: 30 Jan 2020
Gishan Dissanaike, Wolfgang Drobetz, Paul P. Momtaz and Jörg Rocholl
University of Cambridge - Judge Business School, University of Hamburg, University of California, Los Angeles (UCLA) - Anderson School of Management and ESMT European School of Management and Technology
Downloads 520 (67,169)

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Mergers and acquisitions, acquirer returns, law and finance, takeover law, law enforcement

The Economics of Law Enforcement: Quasi-Experimental Evidence from Corporate Takeover Law

ESMT Berlin Working Paper
Number of pages: 56 Posted: 26 Oct 2020
Gishan Dissanaike, Wolfgang Drobetz, Paul P. Momtaz and Jörg Rocholl
University of Cambridge - Judge Business School, University of Hamburg, University of California, Los Angeles (UCLA) - Anderson School of Management and ESMT European School of Management and Technology
Downloads 137 (263,250)

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mergers and acquisitions, acquirer returns, law and finance, takeover law, law enforcement

13.

The Impact of Credit Rating Changes on Capital Structure Decisions: Evidence from Non-Listed Firms in Germany

Number of pages: 35 Posted: 10 Feb 2014
Wolfgang Drobetz and Sascha Heller
University of Hamburg and University of Hamburg
Downloads 620 (54,497)
Citation 1

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capital structure, financing decisions, speed of adjustment, credit ratings, non-listed companies

14.

Industry Expert Directors

University of St.Gallen, School of Finance Research Paper No. 2014/01, 28th Australasian Finance and Banking Conference
Number of pages: 67 Posted: 27 Apr 2013 Last Revised: 11 May 2017
Wolfgang Drobetz, Felix von Meyerinck, David Oesch and Markus Schmid
University of Hamburg, University of St. Gallen - School of Finance, University of Zurich and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 591 (57,831)
Citation 5

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Board of directors, Director skills and experience, Corporate governance, Corporate Investments

15.

Long-Term Performance of Initial Public Offerings: The Evidence for Switzerland

Schmalenbach Business Review, Vol. 57, pp. 253-275, July 2005
Number of pages: 24 Posted: 16 Aug 2005
Wolfgang Drobetz, Matthias Kammermann and Urs Waelchli
University of Hamburg, Independent and Rochester-Bern Executive Programs
Downloads 586 (58,430)

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Initial Public Offerings, Long-Run Stock Performance, Market Efficiency, Swiss Stock Market, Underpricing

16.

Testing Rebalancing Strategies for Stock-Bond Portfolios Across Different Asset Allocations

Number of pages: 24 Posted: 13 Aug 2014
Hubert Dichtl, Wolfgang Drobetz and Martin Wambach
dichtl research & consulting GmbH, University of Hamburg and University of Hamburg
Downloads 580 (59,178)
Citation 4

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rebalancing, stock-bond portfolio, bootstrap, statistical inference

17.

Empirical Asset Pricing via Machine Learning: Evidence from the European Stock Market

Number of pages: 60 Posted: 27 Jul 2020 Last Revised: 17 Aug 2021
Wolfgang Drobetz and Tizian Otto
University of Hamburg and University of Hamburg
Downloads 484 (74,192)

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stock return prediction machine learning, active trading strategy

18.

Investing in Gold - Market Timing or Buy-and-Hold?

Number of pages: 33 Posted: 17 Jul 2018 Last Revised: 15 Nov 2018
Dirk G. Baur, Hubert Dichtl, Wolfgang Drobetz and Viktoria-Sophie Wendt
University of Western Australia - Business School, dichtl research & consulting GmbH, University of Hamburg and BlackRock, Inc - London
Downloads 479 (75,141)

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gold; market efficiency; investment strategies; monthly seasonalities; fundamental factors; technical indicators; superior predictive ability test

19.

Determinants of Management Earnings Forecasts: The Case of Global Shipping IPOs

Downloads 453 ( 80,325)
Citation 1

Determinants of Management Earnings Forecasts: The Case of Global Shipping IPOs

European Financial Management, 23, 2017, pp 975-1015
Number of pages: 48 Posted: 25 Feb 2012 Last Revised: 24 Sep 2018
Wolfgang Drobetz, Dimitrios Gounopoulos, Andreas G. Merikas and Anna Merika
University of Hamburg, University of Bath, University of Piraeus and American College of Greece (DEREE)
Downloads 453 (79,566)
Citation 1

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Earnings management, voluntary disclosure environment, forecast accuracy, IPOs

Determinants of Management Earnings Forecasts: The Case of Global Shipping IPOs

European Financial Management, Vol. 23, Issue 5, pp. 975-1015, 2017
Number of pages: 41 Posted: 05 Nov 2017
Wolfgang Drobetz, Dimitrios Gounopoulos, Anna Merika and Andreas G. Merikas
University of Hamburg, University of Bath, American College of Greece (DEREE) and University of Piraeus
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earnings management, voluntary disclosure environment, forecast accuracy, IPOs

20.

Testing Rebalancing Strategies for Stock-Bond Portfolios: Where Is the Value Added of Rebalancing?

Midwest Finance Association 2012 Annual Meetings Paper , 2012 European Financial Management Symposium on Asset Management , 2012 Kölner Finanzmarktkolloquium on Asset Management
Number of pages: 27 Posted: 15 Sep 2011 Last Revised: 11 Aug 2015
Hubert Dichtl, Wolfgang Drobetz and Martin Wambach
dichtl research & consulting GmbH, University of Hamburg and University of Hamburg
Downloads 453 (80,325)
Citation 4

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rebalancing, bootstrap, performance measurement, statistical inference, stock-bond portfolio

21.

Sell in May and Go Away: Still Good Advice for Investors?

Number of pages: 38 Posted: 21 May 2014
Hubert Dichtl and Wolfgang Drobetz
dichtl research & consulting GmbH and University of Hamburg
Downloads 442 (82,704)
Citation 2

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Sell in May, Halloween effect, bootstrap simulation, statistical inference, investment strategy

22.

What Factors Drive Corporate Credit Ratings? Evidence from German SMEs and Large Corporates

Number of pages: 58 Posted: 10 Feb 2014 Last Revised: 05 Mar 2014
Wolfgang Drobetz and Sascha Heller
University of Hamburg and University of Hamburg
Downloads 436 (84,016)
Citation 1

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corporate rating, creditworthiness, rating agencies, determinants, financial risk, business risk

23.

Factor-Based Allocation: Is There a Superior Strategy?

Number of pages: 49 Posted: 24 Apr 2019
Hubert Dichtl, Wolfgang Drobetz and Viktoria-Sophie Wendt
dichtl research & consulting GmbH, University of Hamburg and BlackRock, Inc - London
Downloads 401 (92,633)

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factor-based allocation, multiple testing

24.

Data Snooping in Equity Premium Prediction

Number of pages: 49 Posted: 22 May 2017 Last Revised: 11 Dec 2019
Hubert Dichtl, Wolfgang Drobetz, Andreas Neuhierl and Viktoria-Sophie Wendt
dichtl research & consulting GmbH, University of Hamburg, Washington University in St. Louis - John M. Olin Business School and BlackRock, Inc - London
Downloads 400 (92,898)
Citation 3

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Equity risk premium prediction, data snooping bias

25.

Policy Uncertainty, Investment, and the Cost of Capital

Journal of Financial Stability, Forthcoming
Number of pages: 59 Posted: 06 Jun 2017 Last Revised: 30 Aug 2018
Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami and Malte Janzen
University of Hamburg, University of Alberta - Campus Saint-Jean, University of South Carolina - Moore School of Business and University of Hamburg
Downloads 354 (106,760)
Citation 13

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Economic Uncertainty, Policy Uncertainty, Investment, Cost of Capital

26.

A Bootstrap-Based Comparison of Portfolio Insurance Strategies

Number of pages: 53 Posted: 06 Oct 2013 Last Revised: 14 Jun 2014
Hubert Dichtl, Wolfgang Drobetz and Martin Wambach
dichtl research & consulting GmbH, University of Hamburg and University of Hamburg
Downloads 336 (113,177)
Citation 4

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Portfolio insurance strategies, Omega ratio, bootstrap simulation, Monte Carlo simulation

27.

Where is the Value Added of Rebalancing? A Systematic Comparison of Alternative Rebalancing Strategies

Number of pages: 40 Posted: 01 Sep 2012 Last Revised: 11 Aug 2015
Hubert Dichtl, Wolfgang Drobetz and Martin Wambach
dichtl research & consulting GmbH, University of Hamburg and University of Hamburg
Downloads 322 (118,529)
Citation 2

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optimal rebalancing, stock-bond portfolio, bootstrap, statistical inference

28.

Timing the Stock Market: Does it Really Make No Sense?

Number of pages: 47 Posted: 29 Jul 2013 Last Revised: 11 Aug 2015
Hubert Dichtl, Wolfgang Drobetz and Lawrence Kryzanowski
dichtl research & consulting GmbH, University of Hamburg and Concordia University, Quebec - John Molson School of Business
Downloads 318 (120,172)
Citation 1

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Market timing, expected utility theory, regret theory, anticipated utility theory, cumulative prospect theory, bootstrap simulation

29.

Do Alternative UCITS Deliver What They Promise? A Comparison of Alternative UCITS and Hedge Funds

Applied Financial Economics, Vol. 24, No. 14, 2014
Number of pages: 37 Posted: 18 Nov 2013
Michael Busack, Wolfgang Drobetz and Jan Tille
Absolut Research GmbH, University of Hamburg and Absolut Research GmbH
Downloads 312 (122,607)
Citation 1

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Alternative mutual funds, UCITS funds, Hedge funds, Performance measurement

30.

Institutional Investor Horizon and Firm Valuation Around the World

Journal of International Business Studies, forthcoming
Number of pages: 63 Posted: 28 May 2019 Last Revised: 08 Jun 2020
Simon Döring, Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami and Henning Schröder
University of Hamburg, University of Hamburg, University of Alberta - Campus Saint-Jean, University of South Carolina - Moore School of Business and University of Hamburg - Hamburg Business School
Downloads 278 (138,408)
Citation 4

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Institutional investors, investment horizon, foreign investors, international corporate governance, firm value

31.

Investment and Financing Decisions of Private and Public Firms

Downloads 272 (141,551)
Citation 1

Investment and Financing Decisions of Private and Public Firms

29th Australasian Finance and Banking Conference 2016
Number of pages: 55 Posted: 08 Mar 2016 Last Revised: 20 Jan 2018
Wolfgang Drobetz, Malte Janzen and Iwan Meier
University of Hamburg, University of Hamburg and HEC Montreal - Department of Finance
Downloads 272 (140,890)

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corporate investment, cash flow allocation, private firms, agency problems

Investment and Financing Decisions of Private and Public Firms

Journal of Business Finance & Accounting, Vol. 46, Issue 1-2, pp. 225-262, 2019
Number of pages: 38 Posted: 20 Feb 2019
Wolfgang Drobetz, Malte Janzen and Iwan Meier
University of Hamburg, University of Hamburg and HEC Montreal - Department of Finance
Downloads 0
Citation 1
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agency problems, cash flow allocation, corporate investment, private firms

32.

Cyclicality of Growth Opportunities and the Value of Cash Holdings

Number of pages: 68 Posted: 16 Aug 2015 Last Revised: 03 Aug 2016
Meike Ahrends, Wolfgang Drobetz and Tatjana Xenia Puhan
University of Hamburg, University of Hamburg and University of Mannheim - Department of International Finance
Downloads 255 (151,005)
Citation 4

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Business cycle, cash holdings, value of cash, growth opportunities

33.

Forecasting Stock Market Crashes via Machine Learning

Number of pages: 56 Posted: 11 May 2021 Last Revised: 17 Aug 2021
Hubert Dichtl, Wolfgang Drobetz and Tizian Otto
dichtl research & consulting GmbH, University of Hamburg and University of Hamburg
Downloads 253 (152,223)

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extreme event prediction, stock market crashes, machine learning, active trading strategy

34.

Are Stock Markets Really so Inefficient? The Case of the 'Halloween Indicator'

Finance Research Letters, Forthcoming
Number of pages: 17 Posted: 11 Aug 2013 Last Revised: 12 Dec 2013
Hubert Dichtl and Wolfgang Drobetz
dichtl research & consulting GmbH and University of Hamburg
Downloads 244 (157,793)

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Sell in May, stock market anomaly, bootstrap simulation, statistical inference

35.

Estimating the Cost of Executive Stock Options: Evidence from Switzerland

Downloads 230 (167,002)
Citation 1

Estimating the Cost of Executive Stock Options: Evidence from Switzerland

Number of pages: 31 Posted: 14 Jun 2005
Wolfgang Drobetz, Pascal Pensa and Markus Schmid
University of Hamburg, University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 204 (186,806)

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Managerial compensation, incentives, executive stock options, option valuation, risk aversion

Estimating the Cost of Executive Stock Options: Evidence from Switzerland

Corporate Governance: An International Review, Vol. 15, No. 5, pp. 798-815, September 2007
Number of pages: 18 Posted: 01 Oct 2007
Wolfgang Drobetz, Pascal Pensa and Markus Schmid
University of Hamburg, University of Basel - Department of Finance and University of St. Gallen - Swiss Institute of Banking and Finance
Downloads 26 (616,880)
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36.

Predictability and the Cross-Section of Expected Returns: Evidence from the European Stock Market

Number of pages: 43 Posted: 19 Aug 2019 Last Revised: 01 Jul 2020
Wolfgang Drobetz, Rebekka Haller, Christian Jasperneite and Tizian Otto
University of Hamburg, University of Hamburg, M.M. Warburg & Co and University of Hamburg
Downloads 213 (179,630)

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characteristics-based asset pricing, factor timing, active trading strategy

37.

Corporate Social Responsibility (CSR) Revisited: The Case of International Shipping

Number of pages: 48 Posted: 09 Nov 2013
Wolfgang Drobetz, Andreas G. Merikas, Anna Merika and Efthymios G. Tsionas
University of Hamburg, University of Piraeus, American College of Greece (DEREE) and Athens University of Economics and Business - Department of Economics
Downloads 180 (209,159)

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38.

Corporate Governance Convergence in the European M&A Market

Number of pages: 20 Posted: 13 Aug 2015 Last Revised: 05 Dec 2018
Wolfgang Drobetz and Paul P. Momtaz
University of Hamburg and University of California, Los Angeles (UCLA) - Anderson School of Management
Downloads 179 (210,209)
Citation 5

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Mergers and acquisitions, market for corporate control, cross-border acquisitions, corporate governance, investor protection, shareholder rights, acquirer returns, bidder wealth effects

39.

The Role of CAT Bonds in an International Multi-Asset Portfolio: Diversifier, Hedge, or Safe Haven?

Finance Research Letters, Vol. 33, 2020
Number of pages: 17 Posted: 23 Apr 2019 Last Revised: 29 Sep 2020
Wolfgang Drobetz, Henning Schröder and Lars Tegtmeier
University of Hamburg, University of Hamburg - Hamburg Business School and University of Applied Sciences Merseburg
Downloads 177 (212,240)

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CAT Bonds, Alternative Investments, Diversifier, Hedge, Safe Haven, DCC GARCH

40.

Foreign bias in institutional portfolio allocation: The role of social trust

Number of pages: 69 Posted: 12 Aug 2020 Last Revised: 07 Jun 2021
Wolfgang Drobetz, Marwin Mönkemeyer, Ignacio Requejo and Henning Schröder
University of Hamburg, University of Hamburg - Hamburg Business School, University of Salamanca - Administration and Business Economics and University of Hamburg - Hamburg Business School
Downloads 176 (213,283)

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Trust, foreign bias, institutional investors, culture, information asymmetries, portfolio diversification, cost of equity

41.

Foreign Institutional Investors, Legal Origin, and Corporate Greenhouse Gas Emissions Disclosure

Number of pages: 55 Posted: 07 Dec 2020 Last Revised: 13 Oct 2021
Simon Döring, Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami and Henning Schröder
University of Hamburg, University of Hamburg, University of Alberta - Campus Saint-Jean, University of South Carolina - Moore School of Business and University of Hamburg - Hamburg Business School
Downloads 174 (215,362)

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Institutional investors, foreign ownership, legal origin, corporate environmental responsi-bility, carbon disclosure, firm value

42.

Capital Allocation and Ownership Concentration in the Shipping Industry

Number of pages: 54 Posted: 17 Feb 2018 Last Revised: 09 Jan 2019
Wolfgang Drobetz, Malte Janzen and Ignacio Requejo
University of Hamburg, University of Hamburg and University of Salamanca - Administration and Business Economics
Downloads 144 (252,196)
Citation 1

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Capital Allocation, Corporate Investment, Shipping Firms, Ownership Concentration, Firm Value

43.

Leverage, Beta Estimation, and the Size Effect

Number of pages: 46 Posted: 03 Aug 2014
Wolfgang Drobetz, Iwan Meier and Jörg Seidel
University of Hamburg, HEC Montreal - Department of Finance and University of Hamburg - Faculty of Economics and Business Administration, Chair of Corporate and Ship Finance
Downloads 103 (322,151)
Citation 1

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Size effect, capital asset pricing model, leverage, estimation

44.

Estimating Security Betas via Machine Learning

Number of pages: 63 Posted: 01 Oct 2021
Wolfgang Drobetz, Fabian Hollstein, Tizian Otto, Marcel Prokopczuk and Marcel Prokopczuk
University of Hamburg, Leibniz University Hannover - School of Economics and Management, University of Hamburg and University of Reading - ICMA CentreLeibniz Universität Hannover - Faculty of Economics and Management
Downloads 100 (328,485)

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Beta estimation, machine learning

45.

Corporate Insider Trading and Return Skewness

Journal of Corporate Finance, Forthcoming
Number of pages: 49 Posted: 29 Jan 2018 Last Revised: 22 Nov 2019
Wolfgang Drobetz, Emil Mussbach and Christian Westheide
University of Hamburg, University of Hamburg - Institute of Finance and University of Vienna - Department of Finance
Downloads 95 (339,484)
Citation 1

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insider trading, skewness

46.

Equity Issues and Stock Repurchases of Initial Public Offerings

Downloads 91 (348,775)
Citation 2

Equity Issues and Stock Repurchases of Initial Public Offerings

European Financial Management, Forthcoming
Number of pages: 44 Posted: 29 Aug 2014
Wolfgang Bessler, Wolfgang Drobetz, Martin Seim and Jan Zimmermann
University of Hamburg, University of Hamburg, Justus-Liebig-University Giessen and Justus-Liebig-University Giessen
Downloads 91 (351,649)

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Initial Public Offerings, Share Repurchases, Seasoned Equity Offerings, Valuation Effects

Equity Issues and Stock Repurchases of Initial Public Offerings

European Financial Management, Vol. 22, Issue 1, pp. 31-62, 2016
Number of pages: 32 Posted: 21 Jan 2016
Wolfgang Bessler, Wolfgang Drobetz, Martin Seim and Jan Zimmermann
University of Hamburg, University of Hamburg, Justus-Liebig-University Giessen and Justus-Liebig-University Giessen
Downloads 0
Citation 1
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Initial public offerings, share repurchases, seasoned equity offerings, valuation effects

47.

Institutional Investment Horizons, Corporate Governance, and Credit Ratings: International Evidence

Journal of Corporate Finance, Forthcoming
Number of pages: 69 Posted: 08 Jul 2020 Last Revised: 09 Jan 2021
Hamdi Driss, Wolfgang Drobetz, Sadok El Ghoul and Omrane Guedhami
Saint Mary's University, University of Hamburg, University of Alberta - Campus Saint-Jean and University of South Carolina - Moore School of Business
Downloads 83 (369,019)
Citation 1

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Institutional ownership; investment horizons; corporate governance; credit ratings

48.

Valuing start-up firms: A reverse-engineering approach for fair-value multiples from venture capital transactions

Finance Research Letters, Forthcoming
Number of pages: 31 Posted: 09 Mar 2021
Johannes A. Barg, Wolfgang Drobetz and Paul P. Momtaz
University of Hamburg, University of Hamburg and University of California, Los Angeles (UCLA) - Anderson School of Management
Downloads 78 (382,642)

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Private equity, venture capital, entrepreneurship, investment multiples, start-up valuation

49.

Do Foreign Institutional Investors Affect International Contracting? Evidence from Bond Covenants

Number of pages: 61 Posted: 04 Mar 2021 Last Revised: 13 Aug 2021
Paul Brockman, Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami and Ying Zheng
Lehigh University - College of Business, University of Hamburg, University of Alberta - Campus Saint-Jean, University of South Carolina - Moore School of Business and Bryant University
Downloads 54 (462,127)

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Institutional ownership, foreign investors, bond covenants, corporate governance

50.

Global Cash Flow Sensitivities

Number of pages: 15 Posted: 09 Aug 2017
Simon Döring, Wolfgang Drobetz, Malte Janzen and Iwan Meier
University of Hamburg, University of Hamburg, University of Hamburg and HEC Montreal - Department of Finance
Downloads 42 (512,945)

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Cash Flow Sensitivity, Financial Development, Law and Finance

51.

Cross-Country Determinants of Institutional Investors’ Investment Horizons

Finance Research Letters, forthcoming
Number of pages: 24 Posted: 29 Jun 2020 Last Revised: 28 Jun 2021
Simon Döring, Wolfgang Drobetz, Sadok El Ghoul, Omrane Guedhami and Henning Schröder
University of Hamburg, University of Hamburg, University of Alberta - Campus Saint-Jean, University of South Carolina - Moore School of Business and University of Hamburg - Hamburg Business School
Downloads 41 (517,683)

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Institutional investors, investment horizons, churn rates, institutional environments

52.

Is Board Size an Independent Corporate Governance Mechanism?

Number of pages: 30 Posted: 25 Sep 2004
Stefan Beiner, Stefan Beiner, Wolfgang Drobetz, Frank Schmid and Heinz Zimmermann
University of BaselUniversity of Oxford - Said Business School, University of Hamburg, University of Bern - Institute of Economics and University of Basel - Center for Economic Science (WWZ)
Downloads 23 (619,687)
Citation 2
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53.

Financing Shipping Companies and Shipping Operations: A Risk‐Management Perspective

Journal of Applied Corporate Finance, Vol. 23, Issue 4, pp. 70-82, 2011
Number of pages: 15 Posted: 22 Dec 2011
Stefan Albertijn, Wolfgang Bessler and Wolfgang Drobetz
affiliation not provided to SSRN, University of Hamburg and University of Hamburg
Downloads 8 (731,808)
Citation 1
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54.

Information Asymmetry and Financing Decisions

International Review of Finance, Vol. 11, No. 1, pp. 123-154, 2011
Number of pages: 32 Posted: 09 Mar 2011
Wolfgang Bessler, Wolfgang Drobetz and Matthias C. Grninger
University of Hamburg, University of Hamburg and affiliation not provided to SSRN
Downloads 4 (763,058)
Citation 1
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55.

The Returns to Hedge Fund Activism in Germany

European Financial Management, Vol. 21, Issue 1, pp. 106-147, 2015
Number of pages: 42 Posted: 29 Jan 2015
Wolfgang Bessler, Wolfgang Drobetz and Julian Holler
University of Hamburg, University of Hamburg and University of Giessen - Center for Finance and Banking
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Corporate governance, hedge funds, event studies, long‐run performance

56.

Heterogeneity in the Speed of Capital Structure Adjustment Across Countries and Over the Business Cycle

European Financial Management, Vol. 21, Issue 5, pp. 936-973, 2015
Number of pages: 38 Posted: 19 May 2020
Wolfgang Drobetz, Dirk Schilling and Henning Schröder
University of Hamburg, University of Applied Sciences Worms and University of Hamburg - Hamburg Business School
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capital structure, speed of adjustment, institutional arrangements, business cycle, dynamic panel methods

57.

Active Factor Completion Strategies

Journal of Portfolio Management, 2021 Quantitative Special Issue, Vol. 47(2), pp. 9-37
Posted: 16 Apr 2019 Last Revised: 11 Feb 2021
Hubert Dichtl, Wolfgang Drobetz, Harald Lohre and Carsten Rother
dichtl research & consulting GmbH, University of Hamburg, Invesco and Invesco

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Diversification, Risk Parity, Factor Completion, Multi-Asset Multi-Factor Investing, Factor-based Models, Portfolio Management/Multi-Asset Allocation, Style Investing

58.

Investor Sentiment and Initial Coin Offerings

The Journal of Alternative Investments, 22 (4), Spring 2019, https://jai.pm-research.com/content/21/4/41
Posted: 31 Oct 2018 Last Revised: 04 Oct 2019
Wolfgang Drobetz, Paul P. Momtaz and Henning Schröder
University of Hamburg, University of California, Los Angeles (UCLA) - Anderson School of Management and University of Hamburg - Hamburg Business School

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Initial coin offerings, ICOs, investor sentiment, market sentiment, market timing, window of opportunity

59.

The Predictability of Alternative UCITS Fund Returns

Journal of Alternative Investments, Forthcoming
Posted: 03 Jun 2017 Last Revised: 01 Apr 2019
Michael Busack, Wolfgang Drobetz and Jan Tille
Absolut Research GmbH, University of Hamburg and Absolut Research GmbH

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Alternative Mutual Funds, UCITS Funds, Hedge Funds, Return Prediction

60.

Can Investors Benefit from the Performance of Alternative UCITS Funds?

Financial Markets and Portfolio Management (DOI: 10.1007/s11408-016-0283-7)
Posted: 24 Mar 2015 Last Revised: 24 Sep 2018
Michael Busack, Wolfgang Drobetz and Jan Tille
Absolut Research GmbH, University of Hamburg and Absolut Research GmbH

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Alternative mutual funds, UCITS fund, hedge funds, performance measurement, performance persistence

61.

Capital Structure Decisions of Globally-Listed Shipping Companies

Transportation Research Part E: Logistics and Transportation Review 52, 2013, pp 49-76
Posted: 02 Jul 2012 Last Revised: 09 Sep 2013
Wolfgang Drobetz, Dimitrios Gounopoulos, Andreas G. Merikas and Henning Schröder
University of Hamburg, University of Bath, University of Piraeus and University of Hamburg - Hamburg Business School

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Maritime financial management, capital structure, speed of adjustment

62.

The International Zero-Leverage Phenomenon

Midwest Finance Association 2013 Annual Meeting Paper
Posted: 05 Apr 2012 Last Revised: 16 Oct 2014
Wolfgang Bessler, Wolfgang Drobetz, Rebekka Haller and Iwan Meier
University of Hamburg, University of Hamburg, University of Hamburg and HEC Montreal - Department of Finance

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Capital structure, zero-leverage, debt conservatism, financial constraints, financial flexibility

63.

Fixed Income Portfolio Allocation Including Hedge Fund Strategies: A Copula Opinion Pooling Approach

Journal of Fixed Income, Vol. 18, No. 4, 78-91.
Posted: 21 Aug 2008 Last Revised: 29 May 2013
Michael Stein, Roland Füss and Wolfgang Drobetz
University of Duisburg-Essen, University of St. Gallen - School of Finance and University of Hamburg

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Fixed income portfolios, copula opinion pooling (COP) methodology, portfolio optimization, Monte Carlo simulations, hedge funds, robust Bayesian methods, non-normal return distributions, co-dependent markets, prior and posterior allocation

64.

Ship Funds as a New Asset Class: An Empirical Analysis of the Relationship between Spot and Forward Prices in Freight Markets

Journal of Asset Management, Vol. 9, No. 2, pp. 102-120, 2008
Posted: 26 Jul 2008
Wolfgang Bessler, Wolfgang Drobetz and Jörg Seidel
University of Hamburg, University of Hamburg and University of Hamburg - Faculty of Economics and Business Administration, Chair of Corporate and Ship Finance

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asset management, ship funds, freight markets, VEC model

65.

Corporate Cash Holdings: Evidence from Switzerland

Financial Markets and Portfolio Management, Vol. 21, No. 3, pp. 293-324, 2007
Posted: 11 Sep 2007
Wolfgang Drobetz and Matthias Grüninger
University of Hamburg and affiliation not provided to SSRN

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Cash holdings, Transaction costs motive, Precautionary motive

66.

The Contribution of Asset Allocation Policy to Portfolio Performance

Financial Markets and Portfolio Management, Vol. 16, No. 2, pp. 219-233, 2002
Posted: 14 Sep 2005
Wolfgang Drobetz
University of Hamburg

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Other Papers (1)

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1.

The Impact of Liquidity Crises on Cash Flow Sensitivities

26th Australasian Finance and Banking Conference 2013
Number of pages: 58 Posted: 28 Aug 2013 Last Revised: 31 Oct 2014
Wolfgang Drobetz, Rebekka Haller, Iwan Meier and Vefa Tarhan
University of Hamburg, University of Hamburg, HEC Montreal - Department of Finance and Loyola University of Chicago - School of Business Administration
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Cash flow sensitivity, financial constraints, liquidity crises, investment spending, supply side shock