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Contributions published at Finance (Per Nils Anders Östberg)

Contribution
Andreas Müller, Insider Trading in the Swiss Stock Market, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2012. (Bachelor's Thesis) null
Fabian Forrer, M&A Activity in Europe Cash Reserves, Acquisitions and Shareholder Wealth in Europe, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2012. (Master's Thesis) null
Per Nils Anders Östberg, Hans K Hvide, Peer effects at work: The common stock investments of co-workers, In: Swiss Finance Institute Research Paper Series, No. 12-34, 2012. (Working Paper) Stock market behavior of individual investors is highly correlated with stock market behavior of their co-workers. For example, a ten percentage point increase in the fraction of co-workers that purchase stocks in a given month is associated with a two percentage point increase in the likelihood of individuals making a purchase. The high correlation exists even after taking controlling for individual socio-demographic characteristics and for time, stock, zip code, and plant fixed effects. Using data on family relations and on residential zip code, we show that the high correlation is not driven by peer effects at the family or zip code level. Moreover, workplace peer effects appear to be strong relative to geographical peer effects.
Stefano Gagliardi, On the Existence of Synergies in Universal Banking, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2011. (Master's Thesis) null
Sandro Braun, Updated and New Analysis on Merger Arbitrage, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2011. (Master's Thesis) null
Robert Schuchna, Analyst following during mergers and acquisitions, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2011. (Master's Thesis) null
Thomas Walliser, How does the stock market perceive management transactions?, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2011. (Master's Thesis) null
Jan Hendrik Degner, Empirical Evidences of Financial Leverage in M&A Transactions, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2011. (Bachelor's Thesis) null
Andriy Bodnaruk, Pengjie Gao, Per Nils Anders Östberg, Hayong Yun, Passive Shareholders as a Takeover Defense, In: NCCR Finrisk working paper 699, Swiss Finance Institute Research Paper No. 10-56, No. 699, 2011. (Working Paper)
Andriy Bodnaruk, Per Nils Anders Östberg, Does investor recognition predict returns?, Journal of Financial Economics, Vol. 91 (2), 2009. (Journal Article)
Christoph Wenk Bernasconi, Reinhard Madlener, Efficient Investment Portfolios for the Swiss Electricity Supply Sector, In: FCN Working Paper, No. 2, 2008. (Working Paper)
Christoph Wenk Bernasconi, The Determinants of Lending - Empirical Evidence from Prosper.com, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2007. (Master's Thesis) null
Per Nils Anders Östberg, Disclosure, investment and regulation, Journal of Financial Intermediation, Vol. 15 (3), 2006. (Journal Article) This paper provides a framework to analyze voluntary and mandatory disclosure. Since improved disclosure reduces the entrepreneur's ability to extract private benefits, it secures funding for new investments, but also provides existing claimholders with a windfall gain. As a result, the entrepreneur may choose to forgo investment in favor of extracting more private benefits. A mandatory disclosure standard reduces inefficient extraction and increases investment efficiency. Although the optimal standard is higher than the entrepreneur's optimal choice, it can be less than complete in order not to deter investment. The model also shows that better legal shareholder protection goes together with higher disclosure standards and that harmonization of disclosure standards may be detrimental.

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