In this paper, we analyze the pricing of cash flow rights in startup companies based on a unique dataset of crowdinvesting backers. Our sample consists of 44 campaigns and includes 1,450 bids made by 499 backers during the period from November 6, 2011 to March 25, 2014 on the German...

The empirical literature of stock market predictability mainly suffers from model uncertainty and parameter instability. To meet this challenge, we propose a novel approach that combines the documented merits of diffusion indices, regime-switching models, and forecast combination to predict the...

The empirical literature of stock market predictability mainly suffers from model uncertainty and parameter instability. To meet this challenge, we propose a novel approach that combines the documented merits of diffusion indices, regime-switching models, and forecast combination to predict the...

Die fortschreitende Digitalisierung und die zunehmende Popularität digitaler Zahlungsmöglichkeiten haben zu gravierenden Veränderungen im Zahlungsverhalten geführt. Als Konsequenz erörtert die EZB zurzeit die Einführung eines digitalen Euros. Vorteile bestehen in der Erweiterung...