We investigate whether value-relevant foreign information only gradually dilutes into stock prices of multinational firms worldwide. Using an international sample of firms from 22 developed countries, we find that a portfolio strategy based on firms' foreign sales information yields future...

We perform a large-scale empirical analysis of pairs trading, a popular relative-value arbitrage approach. We start with a cross-country study of 34 international stock markets and uncover that abnormal returns are a persistent phenomenon. We then construct a comprehensive U.S. data set to...

We find that innovative efficiency (IE), patents or citations scaled by research and development expenditures, is a strong positive predictor of future returns after controlling for firm characteristics and risk. The IE-return relation is associated with the loading on a mispricing factor, and...

We examine how investors' perception of bank balance sheet risk evolved before and during the March-April 2023 bank run. To do so, we estimate the covariance ("beta") of bank excess stock returns with returns on factors constructed from long-short portfolios sorted on shares of uninsured...

We document considerable return comovement associated with accruals after controlling for other common factors. An accrual-based factor-mimicking portfolio has a Sharpe ratio of 0.16, higher than that of the market factor or the SMB and HML factors of Fama and French (1993). In time series...

We propose that owing to limited investor attention and skepticism of complexity, firms with greater innovative originality (IO) will be undervalued, especially for firms with higher valuation uncertainty, lower attention, and greater sensitivity of future profitability to IO. We find that IO...

This paper in German analyzes policy requirements with respect to the accessibility of company data in Germany. Presently, a uniform disclosure system does not exist in Germany. Instead, company data are subject to registration at systems that are organized and administered by the local courts...

This paper outlines the key points of information technology alignment and organizational agility importance from the business and the information technology perspective. Today's dynamically changing technology environment and globalization has led to uncertainty and unpredictability. The...

We exploit a timely city-level panel of individual house price estimates for both small and big real-estate markets in California USA to estimate the impact of COVID-19 on the housing market. Descriptive analysis of spot house price estimates, including contemporaneous price uncertainty and...