We present an explicit solution to an optimal stopping problem in a model described by a stochastic delay differential equation with an exponential delay measure. The method of proof is based on reducing the initial problem to a free-boundary problem and solving the latter by means of the...

We test the menu cost model of Ball and Mankiw (1994, 1995), which impliesthat the impact of price dispersion on inflation should differ between inflation anddeflation episodes, using data for Japan and Hong Kong. We use a random crosssectionsample split when calculating the moments of the...

This paper investigates how the performance of evolutionary search is inuenced by thelocality and distance distortion of the used representation. The locality of a representationdescribes how well neighboring phenotypes correspond to neighboring genotypes. The distancedistortion measures whether...

We develop a new theory of international capital flows based on dispersed in-formation across individual investors. There is extensive evidence of informationheterogeneity within and across countries, which has proven critical to under-standing asset price behavior. We introduce information...

We find that stocks exhibiting high dispersion in analysts’ earnings forecasts do not onlyunderperform in the U.S. but also in many European countries. Testing for the dispersioneffect in many countries calls for adequate multiple testing controls and we show that theU.S. dispersion effect...

In OTC bond markets many investors face high costs of trade, and these costs appear to berelated to the lack of price transparency. We study the consequences this has for efficient pricediscovery. Prices of municipal bonds react sluggishly to macroeconomic news. Yield spreads overtreasuries...

Ziel des Beitrags ist es, das Konzept und die Erfahrungen eines Teleseminars systematisch darzustellen und Anhaltspunkte für vergleichbare Vorhaben in der Zukunft zu geben. Angestrebt wird damit ein Beitrag zur Auseinandersetzung mit neuen Unterrichtsformen in der Wirtschaftsinformatik sowie...