We find that price and earnings momentum are pervasive features of international equitymarkets when controlling for data snooping biases. For European countries, we find that pricemomentum is subsumed by earnings momentum on an aggregate level. However, this rationaledoes not apply to each and...

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...

This paper proposes and tests a model of firm valuation under incompleteinformation that explains the ambiguous relation between idiosyncratic volatilityand stock returns. Specifically, we show that, when investors have incompleteinformation, expected returns as measured by an econometrician...

Der Prozeß des Leistungsaustauschs zwischen Anbietern und Nachfragern im elektronischen Handel läßt sich in einzelne Phasen untergliedern.

Information asymmetries make it difficult for banks to assess accurately whetherspecific entrepreneurs are able and/or willing to repay their loans. This leads toimplicit interest rate ceilings, i.e. banks “refuse” to increase their interest ratesbeyond this ceiling as this would lower their...

This paper examines ¯nite parimutuel betting games with asymmetric information, with par-ticular attention to di®erences between sequential and simultaneous settings, and betweenfully rational and myopic (\price taking") behavior. In the simultaneous parimutuel market,all (symmetric and...

This paper is focused on the coordination of order and production policy between buyers and suppliers in supply chains. When a buyer and a supplier of an item work independently, the buyer will place orders based on his economic order quantity (EOQ). However, the buyer’s EOQ may not lead to an...

If a manager stays in office for a long time he will have learned much about his subordinates. Thus competition among them will be weak as the manager has made up his mind who is suited best for which position. With a new manager the "race" for favorable tasks is restarted leading subordinates...

Preise auf Kapitalmärkten werden durch nicht-antizipierte Informationen getrieben. Eine zentrale Aussage Baysianischer Lernmodelle impliziert, dass die Stärke der Preisreaktion einerseits von der Höhe der nicht antizipierten Komponente abhängt, andererseits aber auch von der Präzision der...