Wolfgang Bessler

Justus-Liebig-University Giessen

Center for Finance and Banking

Licher Strasse 74

Giessen, D-35394

Germany

http://wiwi.uni-giessen.de/home/Bessler/

SCHOLARLY PAPERS

38

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34

CROSSREF CITATIONS

65

Scholarly Papers (38)

1.

Multi-Asset Portfolio Optimization and Out-of-Sample Performance: An Evaluation of Black-Litterman, Mean Variance and Naïve Diversification Approaches

European Journal of Finance, Forthcoming.
Number of pages: 48 Posted: 12 Jun 2012 Last Revised: 06 Dec 2014
Wolfgang Bessler, Heiko Opfer and Dominik Wolff
Justus-Liebig-University Giessen, Deka Investment GmbH and Darmstadt University of Technology
Downloads 1,743 (10,153)
Citation 11

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Portfolio Optimization, Black-Litterman, Mean-Variance, Minimum Variance, Bayes-Stein, Naïve diversification, 1/N, Markowitz

2.

Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance: Evidence from Ipos in Germany

Number of pages: 41 Posted: 16 Mar 2002
Wolfgang Bessler
Justus-Liebig-University Giessen
Downloads 872 (28,947)
Citation 11

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3.

Asymmetric Information, Dividend Reductions, and Contagion Effects in Bank Stock Returns

Journal of Banking and Finance
Number of pages: 25 Posted: 06 Sep 2000
Wolfgang Bessler and Tom Nohel
Justus-Liebig-University Giessen and Loyola University of Chicago
Downloads 750 (35,737)

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Asymmetric Information, Intra-Industry Effects, Dividend Announcements, Valuation Effects, Financial Intermedation

4.

Return Prediction Models and Portfolio Optimization: Evidence for Industry Portfolios

Number of pages: 62 Posted: 03 Dec 2014 Last Revised: 15 Oct 2018
Wolfgang Bessler and Dominik Wolff
Justus-Liebig-University Giessen and Darmstadt University of Technology
Downloads 706 (38,855)

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Portfolio Optimization, Return forecasts, Predictive Regression, Three-Pass Regression Filter, Black-Litterman Model

5.

Do Commodities Add Value in Multi-Asset-Portfolios? An Out-of-Sample Analysis for Different Investment Strategies

Journal of Banking and Finance, 60, 1-20, 2015
Number of pages: 57 Posted: 26 Apr 2014 Last Revised: 20 Nov 2015
Wolfgang Bessler and Dominik Wolff
Justus-Liebig-University Giessen and Darmstadt University of Technology
Downloads 590 (49,214)
Citation 6

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Commodities, Asset allocation models, Out-of-sample portfolio optimization, Diversification, Performance evaluation

6.

The Performance of Venture-Backed Ipos in Germany: Exit Strategies, Lock-Up Periods, and Bank Ownership

EFMA 2004 Basel Meetings Paper
Number of pages: 44 Posted: 12 Jun 2004
Wolfgang Bessler and Andreas Kurth
Justus-Liebig-University Giessen and University of Giessen - Center for Finance and Banking
Downloads 584 (49,913)
Citation 7

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7.

Why Does Mutual Fund Performance Not Persist? The Impact and Interaction of Fund Flows and Manager Changes

Paris December 2010 Finance Meeting EUROFIDAI - AFFI
Number of pages: 44 Posted: 22 Oct 2010 Last Revised: 24 Jun 2020
Wolfgang Bessler, David P. Blake, Peter Lueckoff and Ian Tonks
Justus-Liebig-University Giessen, City, University of London, Justus-Liebig-University Giessen and University of Bristol
Downloads 446 (69,859)
Citation 9

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Mutual Funds, Performance Persistence, Fund Flows, Manager Turnover

8.

The Listing and Delisting of German Firms on NYSE and NASDAQ: Were There Any Benefits?

Journal of International Financial Markets, Institutions and Money, Forthcoming
Number of pages: 50 Posted: 16 Sep 2011 Last Revised: 30 Aug 2014
Justus-Liebig-University Giessen, University of New Hampshire - Department of Accounting & Finance, University of Giessen - Center for Finance and Banking and Justus-Liebig-University Giessen
Downloads 366 (88,127)

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Cross Listing, Delisting, Market Segmentation, Bonding Theories

9.

Bank Risk Factors and Changing Risk Exposures of Banks: Capital Market Evidence Before and During the Financial Crisis

Midwest Finance Association 2013 Annual Meeting Paper
Number of pages: 46 Posted: 31 Aug 2012 Last Revised: 19 Feb 2013
Wolfgang Bessler and Philipp Kurmann
Justus-Liebig-University Giessen and University of Giessen - Center for Finance and Banking
Downloads 348 (93,346)
Citation 2

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Banks, Macroeconomic Risk, Financial Crisis

10.

Special Issue: New Asset Classes in Portfolio Management

Financial Markets and Portfolio Management, Vol. 21, No. 1, 2007
Number of pages: 1 Posted: 04 Jan 2007
Wolfgang Bessler
Justus-Liebig-University Giessen
Downloads 338 (96,447)

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11.

Analyzing Hedging Strategies for Fixed Income Portfolios: A Bayesian Approach for Model Selection

International Review of Financial Analysis, Forthcoming
Number of pages: 41 Posted: 26 Apr 2014 Last Revised: 25 Jan 2016
Wolfgang Bessler, Alexander Leonhardt and Dominik Wolff
Justus-Liebig-University Giessen, University of Giessen and Darmstadt University of Technology
Downloads 330 (99,025)
Citation 4

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Sovereign Debt Crisis, Bond Portfolio Management, Interest Rate Fu-tures, MGARCH, Bayesian composite hedging, Hedge Ratio, Hedging Effectiveness

12.

Portfolio Optimization with Industry Return Prediction Models

30th Australasian Finance and Banking Conference 2017
Number of pages: 52 Posted: 01 Aug 2017
Wolfgang Bessler and Dominik Wolff
Justus-Liebig-University Giessen and Darmstadt University of Technology
Downloads 315 (104,632)

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Portfolio Optimization, Return Forecasts, Predictive Regression, Three-Pass Regression Filter, Black-Litterman Model

13.

Acquisition Activities of Initial Public Offerings in Europe: An Analysis of Exit and Growth Strategies

Midwest Finance Association 2012 Annual Meetings Paper
Number of pages: 48 Posted: 20 Sep 2011 Last Revised: 18 Sep 2012
Wolfgang Bessler and Jan Zimmermann
Justus-Liebig-University Giessen and Justus-Liebig-University Giessen
Downloads 276 (120,151)
Citation 3

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Mergers & Acquisitions, Initial Public Offerings, Sequence

14.

Hedge Funds and Optimal Asset Allocation: Bayesian Expectations, Time-Varying Investment Opportunities and Mean-Variance Spanning

Midwest Finance Association 2012 Annual Meetings Paper
Number of pages: 51 Posted: 16 Sep 2011 Last Revised: 08 Dec 2011
Wolfgang Bessler, Julian Holler and Philipp Kurmann
Justus-Liebig-University Giessen, University of Giessen - Center for Finance and Banking and University of Giessen - Center for Finance and Banking
Downloads 221 (150,215)

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hedge funds, asset allocation

15.

Growth Strategies of Entrepreneurial Firms after Going Public: A European Perspective

Midwest Finance Association 2013 Annual Meeting Paper
Number of pages: 36 Posted: 02 Sep 2012 Last Revised: 25 Jan 2013
Wolfgang Bessler and Jan Zimmermann
Justus-Liebig-University Giessen and Justus-Liebig-University Giessen
Downloads 190 (172,818)
Citation 1

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Initial Public Offering, Financing Policy, Internal Growth, External Growth

16.

Hedging European Government Bond Portfolios during the Recent Sovereign Debt Crisis

Journal of International Financial Markets, Institutions and Money, Forthcoming
Number of pages: 51 Posted: 01 Sep 2012 Last Revised: 23 Oct 2014
Wolfgang Bessler and Dominik Wolff
Justus-Liebig-University Giessen and Darmstadt University of Technology
Downloads 172 (188,841)

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Sovereign Debt Crisis, Fixed Income Securities, Bond Portfolio Management, Interest Rate Futures, Hedge Ratio, Hedging Effectiveness

Capacity Effects and Winner Fund Performance: The Relevance and Interactions of Fund and Family Characteristics

Midwest Finance Association 2012 Annual Meetings Paper
Number of pages: 40 Posted: 16 Sep 2011 Last Revised: 08 Dec 2011
Justus-Liebig-University Giessen, Concordia University, Quebec - John Molson School of Business, University of Giessen - Center for Finance and Banking and Justus-Liebig-University Giessen
Downloads 105 (279,232)
Citation 2

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mutual funds, capacity effects

Capacity Effects and Winner Fund Performance: The Relevance and Interactions of Fund and Family Characteristics

Number of pages: 45 Posted: 11 Jun 2012
Justus-Liebig-University Giessen, Concordia University, Quebec - John Molson School of Business, University of Giessen - Center for Finance and Banking and Justus-Liebig-University Giessen
Downloads 58 (397,409)

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mutual fund performance, fund and family characteristics, capacity effects

Equity Issues and Stock Repurchases of Initial Public Offerings

European Financial Management, Forthcoming
Number of pages: 44 Posted: 29 Aug 2014
Justus-Liebig-University Giessen, University of Hamburg, Justus-Liebig-University Giessen and Justus-Liebig-University Giessen
Downloads 88 (313,837)

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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
Justus-Liebig-University Giessen, University of Hamburg, Justus-Liebig-University Giessen and Justus-Liebig-University Giessen
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Citation 1
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Initial public offerings, share repurchases, seasoned equity offerings, valuation effects

19.

Does Corporate Hedging Enhance Shareholder Value? A Meta-Analysis

International Review of Financial Analysis, Forthcoming
Number of pages: 35 Posted: 19 Dec 2018 Last Revised: 21 Feb 2019
Wolfgang Bessler, Thomas Conlon and Xing Huan
Justus-Liebig-University Giessen, University College Dublin and University of Warwick - Accounting Group
Downloads 71 (353,043)
Citation 2

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Corporate Hedging, Derivatives, Firm Value, Meta Analysis

20.

The Effects of Corporate Governance Reforms in Japan on the Market for Corporate Control and M&A Activity

Number of pages: 63 Posted: 16 Dec 2018 Last Revised: 07 Feb 2019
Wolfgang Bessler and Gerrit Henrich
Justus-Liebig-University Giessen and Justus-Liebig-University Giessen
Downloads 70 (355,796)

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Corporate Governance, M&A, Japan, Valuation Effects, Financial Advisor

21.

Time-Varying Systematic and Idiosyncratic Risk Exposures of US Bank Holding Companies

Number of pages: 49 Posted: 02 Dec 2014
Wolfgang Bessler, Philipp Kurmann and Tom Nohel
Justus-Liebig-University Giessen, University of Giessen - Center for Finance and Banking and Loyola University of Chicago
Downloads 67 (364,257)

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Bank Risk Exposures; Systematic and Idiosyncratic Risk; Financial Crises

22.

Fundamental Factor Models and Macroeconomic Risks - An Orthogonal Decomposition

Number of pages: 51 Posted: 17 Jul 2019
Christopher Adcock, Wolfgang Bessler and Thomas Conlon
University of Minho, Justus-Liebig-University Giessen and University College Dublin
Downloads 65 (369,980)

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characteristic factors, macroeconomic fundamentals, variance decomposition, quantile regression

23.

Securities Market Reforms and Market Segments for IPOs: An Analysis of Listing and Delisting Decisions in Germany

Number of pages: 52 Posted: 03 Dec 2018 Last Revised: 13 Feb 2019
Justus-Liebig-University Giessen, Handelshochschule Leipzig (HHL) - Center for Corporate Governance, University of Marburg - School of Business & Economics and Justus-Liebig-University Giessen
Downloads 43 (445,787)

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Securities market organization, corporate governance, regulatory reforms, going public, going dark, segment transfer, delisting

24.

Centralized Derivatives Markets, Systemic Risk, and Recovery and Resolution of CCPs (Presentation Slides)

Presentation at Conference on Systemic Risk and the Organization of the Financial System, Chapman University, May 12, 2017
Number of pages: 45 Posted: 05 Oct 2017
Wolfgang Bessler
Justus-Liebig-University Giessen
Downloads 40 (458,180)

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Derivatives, Systemic Risk, Centralized Clearing, Resolution

25.

The Effects of the Financial Crisis on Delisting Decisions: Evidence from Family and Non-Family Firms in Germany

Number of pages: 45 Posted: 03 Dec 2018
Justus-Liebig-University Giessen, Handelshochschule Leipzig (HHL) - Center for Corporate Governance, University of Marburg - School of Business & Economics and Justus-Liebig-University Giessen
Downloads 33 (489,511)

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Securities market organization, corporate governance, regulatory changes, going dark, delisting, family firms, valuation effects

26.

Fund Flows, Manager Change and Performance Persistence

Number of pages: 65 Posted: 22 Jun 2020
Wolfgang Bessler, David P. Blake, Peter Lueckoff and Ian Tonks
Justus-Liebig-University Giessen, City, University of London, Justus-Liebig-University Giessen and University of Bristol
Downloads 12 (615,557)

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Mutual funds, performance persistence, fund flows, manager changes

27.

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, Justus-Liebig-University Giessen and University of Hamburg
Downloads 8 (643,157)
Citation 1
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28.

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
Justus-Liebig-University Giessen, University of Hamburg and affiliation not provided to SSRN
Downloads 4 (671,842)
Citation 1
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29.

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
Justus-Liebig-University Giessen, University of Hamburg and University of Giessen - Center for Finance and Banking
Downloads 2 (689,779)
Citation 3
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Corporate governance, hedge funds, event studies, long‐run performance

30.

FMA Roundtable on New Developments in European Corporate Governance

Journal of Applied Corporate Finance, Vol. 29, Issue 1, pp. 50-75, 2017
Number of pages: 28 Posted: 12 Apr 2017
University of Delaware - John L. Weinberg Center for Corporate Governance, Hanken School of Economics - Department of Economics, University of Marburg - School of Business & Economics, Justus-Liebig-University Giessen and Journal of Applied Corporate Finance
Downloads 1 (702,158)
Citation 1
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31.

Conflicts of Interest and Research Quality of Affiliated Analysts in the German Universal Banking System: Evidence from IPO Underwriting

European Financial Management, Vol. 15, Issue 4, pp. 757-786, September 2009
Number of pages: 30 Posted: 08 Oct 2009
Wolfgang Bessler and Matthias Stanzel
Justus-Liebig-University Giessen and affiliation not provided to SSRN
Downloads 1 (702,158)
Citation 1
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32.

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
Justus-Liebig-University Giessen, 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

33.

Patents and the Performance of Technology Firms: Evidence from Initial Public Offerings in Germany

Financial Markets and Portfolio Management, Vol. 22, No. 4, pp. 323-356, 2008
Posted: 18 Jun 2010
Wolfgang Bessler and Claudia Bittelmeyer
Justus-Liebig-University Giessen and University of Giessen

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Innovation, Patents, Initial public offerings, Long-run performance

34.

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
Justus-Liebig-University Giessen, University of Hamburg and University of Hamburg - Faculty of Economics and Business Administration, Chair of Corporate and Ship Finance

Abstract:

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asset management, ship funds, freight markets, VEC model

35.

Bank Stock Returns and Economic Variables: An Empirical Analysis for Germany

EFMA 2004 Basel Meetings Paper
Posted: 17 May 2006
Wolfgang Bessler and Heiko Opfer
Justus-Liebig-University Giessen and Deka Investment GmbH

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36.

Multi-Factor-Asset Pricing Models for German Stocks: An Empirical Analysis of Time Varying Parameters

EFMA 2004 Basel Meetings Paper
Posted: 10 May 2004
Wolfgang Bessler and Heiko Opfer
Justus-Liebig-University Giessen and Deka Investment GmbH

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Dividend Policy of Bank Initial Public Offerings

EFMA 2003 Helsinki Meetings
Posted: 29 Apr 2003
Wolfgang Bessler, James P. Murtagh and Dona D. Siregar
Justus-Liebig-University Giessen, Siena College and Rensselaer Polytechnic Institute (RPI)

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dividend policy, bank, initial public offerings

Dividend Policy of Bank Initial Public Offerings

Data Not Availalbe
Posted: 17 May 2006
Wolfgang Bessler, James P. Murtagh and Dona D. Siregar
Justus-Liebig-University Giessen, Siena College and Rensselaer Polytechnic Institute (RPI)

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dividend policy, bank, initial public offerings

38.

Going Public: A Corporate Governance Perspective

Posted: 27 Jun 1997
Wolfgang Bessler, Fred R. Kaen and Heidemarie Sherman
Justus-Liebig-University Giessen, University of New Hampshire - Department of Accounting & Finance and CESifo (Center for Economic Studies and Ifo Institute) - Ifo Institute

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