Do financial market analysts use structural economic models when forecasting exchange rates? This is the leading question analysed in this apper. In contrast to other studies we use expectations instead of realised data. Therefore we analyse the implicit structural models forecasters have in...

This paper assesses the influence of an adoption of IAS/IFRS or US GAAP on the financial analysts' forecast accuracy in a homogenous institutional framework. Our findings suggest that the forecast accuracy is higher for estimates based on IFRS or US GAAP data than for forecasts based on German...

This study analyzes the accuracy of forecasted target prices within analysts' reports. We compute a measure for target price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown) 12-month stock price. Furthermore, we determine factors that explain...

This paper investigates the role of published stock recommendations in print and online media as investor sentiment in the near-term German stock market. In line with extant literature on other sentiment measures, vector autoregressions reveal that past stock returns drive today's sentiment, but...

At the firm level, revenue and costs are well measured but prices and quantities are not. This paper shows that because of these data limitations estimates of returns to scale at the firm level are for the revenue function, not production function. Given this observation, the paper argues that,...

Der Beitrag stellt zunächst drei Datenkataloge vor, die für deutsche Städte eine kleinräumige Stadtbeobachtung auf Grundlage von untergemeindlichen Daten ermöglichen. Dass es für Stadtteildaten nicht nur eine Sammlung gibt, an der sich alle Städte beteiligen, ist unterschiedlichen...