The process of purchasing air tickets is often hovered with much uncertainties. Such uncertainties are introduced by complex pricing strategies and algorithms used by airline companies which vary ticket price based on dates, time of purchase and different routes selected. In order to reduce...

Using the introduction of high-speed rail as exogenous shocks to costs of information acquisition, we show that reductions in information-acquisition costs lead to a significant increase in information production and improvement in output quality, evidenced by higher frequency of analysts...

We provide the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. Earnings-model-forecast-based ICCs are well-populated, but are unreliable outside the...

We ask whether the quality of internal information matters for investment decisions. We predict that investment is more sensitive to internal profit signals and less sensitive to external price signals when managers have higher quality internal information. Consistent with recent theoretical and...

To answer the question what causes an asset to be illiquid, we analyze the impact that transparency of corporate accounting information has on the liquidity of its traded bonds. In particular, we focus on how this relationship depends on aggregate liquidity and the financial state of the firm....

Using the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition, we show that reductions in information-acquisition costs lead to (i) a significant increase in information production, evidenced by a higher frequency of analysts visiting portfolio firms,...

Effizienzbestrebungen in Unternehmen, die traditionell durch die Finanzabteilung begleitet wurden, treffen die Finanzorganisation zunehmend selbst. Gleichzeitig begegnen Finanzorganisationen erhöhte Compliance-Anforderungen, während unverändert die Erwartungshaltung gegenüber der...