This paper investigates the determinants of firms' decisions to disclose ‘pro forma' earnings, voluntarily performance metrics, in a largely unregulated setting, the German capital market. For a sample of earnings releases published by large German firms, we address the role of informative and...

In this article we estimate default intensities within the continuous time Jarrow/Turnbull (1995) model from daily observations of German bank bond prices, based on the default-free term structure estimated from the Svensson (1994) model provided by the Deutsche Bundesbank. Cross-sectional and...