Efficient price setting implies that news create volatility since traders flock to the market in order to re-optimise their portfolios. In due course of the price finding process volatility should decline once the asset price approaches its new, efficient level. In this note I present evidence...

The paper reconstructs the origins of the quantity theory of money and its applications. Referring to the history of money, it is shown that the theory was flexible enough to adapt to institutional change and could thus maintain its actuality. To this day, it is useful as an analytical...

This contribution examines whether the share price of the Borussia Dortmund GmbH & Co. KgaA (BVB) behaves according to the (capital) market efficiency hypothesis of Fama (1970). The weak form of capital market inefficiency, according to which past share prices cannot be used for predictions in...