We analyze whether newspaper content can predict aggregate future stock returns. Our study is based on articles published in the Handelsblatt, a leading German financial newspaper, from July 1989 to March 2011. We summarize newspaper content in a systematic way by constructing word-count indices...

In dieser Dissertation werden drei Corporate-Finance-Fragestellungen empirisch analysiert. Kapitel 1 untersucht, ob ein Zusammenhang besteht zwischen dem Ergebnis von Aktionärsabstimmungen zu Unternehmensübernahmen und kurzfristigen Kursreaktionen, sowie kurz- und langfristiger...

This dissertation consists of three independent papers. The first paper investigates the role of incomplete investor information in financial innovations. We analyze the information that structured product issuers provide to the investors and find that issuers have an information advantage over...