Options
Markus Schmid
Title
Prof. Dr.
Last Name
Schmid
First name
Markus
Email
markus.schmid@unisg.ch
Phone
+41 71 224 7001
Now showing
1 - 10 of 16
-
PublicationTrust and Success in Venture Capital Financing - An Empirical Analysis with German Survey DataThis paper presents an empirical analysis of the role of trust in the relationship between venture capitalist and entrepreneur. Following the social sciences literature, we try to differentiate between trust as an affective, value-based category from confidence which is understood as a backward-looking, evidence-based mechanism. Using data from a survey among German venture capitalists conducted in 2003, we analyze 111 financing relationships from 75 respondents. We find a significant reciprocal positive relationship between trust and success. Other significant determinants of trust include the perceived quality of the entrepreneur and credibility of information (two proxy variables for measuring confidence), the perceived importance of reputation and the stage of the entrepreneur's venture. The level of monitoring and control is identified as a substitute for trust. We address a potential endogeneity of trust and success by estimating a system of two simultaneous equations by 3SLS and find the results to be robust. Finally, we use data from a second survey conducted in 2006 to assess whether trust predicts success. In fact, our results indicate that a higher level of trust in 2003 is associated with a higher success rate in 2006.Type: journal articleJournal: KyklosVolume: 62Issue: 1
Scopus© Citations 32 -
PublicationThe First- and Second-Hand Effect of Analysts' Stock Recommendations - Evidence from the Swiss Stock MarketThis paper empirically investigates the impact of both the first release of analysts' stock recommendations to a limited clientele and the subsequent dissemination of the same information in a major newspaper to a broader audience. For a sample of 1460 stock recommendations published in FuW, Switzerland's major financial newspaper, significant positive abnormal returns on the day of the original release of buy recommendations and on the day of publication in FuW are documented. Tests of the price pressure and information hypotheses reveal that analysts' recommendations contain some new information, which is quickly incorporated in the stock prices on the first release of this information. In contrast, the statistically significant announcement effects associated with the publication of already known information can be primarily ascribed to price pressure in the underlying securities.Type: journal articleJournal: European Financial ManagementVolume: 14Issue: 5
Scopus© Citations 10 -
PublicationLeadership Structure and Corporate Governance in SwitzerlandThe question of whether the CEO should also serve as chairman of the board continues to be a controversial issue in corporate governance. While "agency cost" arguments would lead one to advocate separation of the top decision-making and control functions, there are efficiency and coordination arguments for vesting the powers of the CEO and chair in the same person. And helping to keep the controversy alive, the empirical evidence on U.S. companies is inconclusive, with no clear loss of value associated with having combined CEO/chairmen. Copyright (c) 2008 Morgan Stanley..Type: journal articleJournal: Journal of Applied Corporate FinanceVolume: 20Issue: 1
-
PublicationShould Chairman and CEO Be Separated? Leadership Structure and Firm Performance in SwitzerlandWe investigate the valuation effects of leadership structure in Switzerland where, in contrast to the U.S., a separation of the CEO and chairman functions is common. Consistent with the majority of prior research focusing on the U.S., we find no evidence of a systematic and significant difference in valuation between firms with combined and firms with separated functions. We also investigate whether leadership structure is related to firm-level corporate governance characteristics and find a similar curvilinear relationship between leadership structure and managerial shareholdings as is observed between firm value and managerial shareholdings. A possible interpretation is that agency costs associated with a combined function are mitigated by a higher incentive alignment of the CEO/chairman through an adequate level of managerial shareholdings.Type: journal articleJournal: ZfbF Schmalenbachs Zeitschrift für betriebswirtschaftliche ForschungVolume: 60Issue: 2
-
PublicationAn Integrated Framework of Corporate Governance and Firm ValuationRecent empirical work shows evidence of a positive relationship between firm-specific corporate governance and firm valuation. Instead of looking at a single control mechanism, we use a broad corporate governance index and additional variables related to ownership structure, board characteristics, and leverage to provide a comprehensive description of firm-level corporate governance for a broad sample of Swiss firms. We carefully control for the endogeneity of these control mechanisms by developing a system of simultaneous equations. Our results support the widespread hypothesis of a positive relationship between corporate governance and Tobin's Q.Type: journal articleJournal: European Financial ManagementVolume: 12Issue: 2
Scopus© Citations 279 -
PublicationCorporate Governance, Unternehmensbewertung und Wettbewerb. Eine Untersuchung für die Schweiz(Mohr Siebeck, 2005)
;Beiner, Stefan ;Drobetz, Wolfgang ;Zimmermann, Heinz ;Franz, Wolfgang ;Ramser, Hans J.Stadler, Manfred -
PublicationType: newspaper articleJournal: Finanz und WirtschaftIssue: 82
-
PublicationType: newspaper articleJournal: Neue Zürcher Zeitung NZZVolume: 226Issue: 156
-
PublicationType: newspaper articleJournal: Schweizer BankIssue: 8
-
PublicationType: newspaper articleJournal: Neue Zürcher Zeitung NZZVolume: 225