What is the fundamental value of a stock? Do stock prices deviate from this fundamental value? If yes, do they go back to their fundamental value? This paper proposes to answer these three questions by using a stock valuation model based on the Consumption-Capital Asset Pricing Model (C-CAPM)...

The out-of-sample forecasting performance of traditional stock return models (dividend yield, t-bill rate, etc.) is compared with the forecasting performance of the Livingston survey. The results suggest that the survey forecasts are much like a “too large” forecasting model: poor performance...

Wertmanagement und Shareholder value-Streben sind nicht nur betrieblicheFinanzzielausrichtungen. Sie haben auch eine gesamtwirtschaftlich optimaleRessourcenallokation herbeizuführen. Dies setzt eine effiziente Informationsverarbeitungan den Kapitalmärkten voraus. In der Realität stets zu...