Change management is omnipresent in organisations as companies have to transform constantly. This applies not only to large corporations operating in an international context, but also to small and medium-sized enterprises (SMEs). Yet executing a change project is accompanied by great challenges...

A recent theoretical model by Epstein and Schneider (2008) predicts that a firm's assets will be undervalued by the market if the information surrounding these assets is ambiguous. The model further predicts that this effect is amplified if the underlying fundamentals are volatile. This paper...