Forschung

Veröffentlichungen

Irrationality or Efficiency of Macroeconomic Survey Forecasts? Implications from the Anchoring Bias Test, Review of Finance, Vol 17(6), 2013, 2097-2131 (with S. Orbe).
Extended Dividend, Cash Flow and Residual Income Valuation Models: Accounting for Deviations from Ideal Conditions,Contemporary Accounting Research, Vol. 30(1), 2013, 42-79 (with N. Heinrichs, C. Homburg, M. Lorenz, and S. Sievers).
Price Adjustments to News with Uncertain Precision, Journal of International Money and Finance, Vol. 31(2), 2012, 337-355 (with N. Hautsch and C. Müller).
The Impact of Macroeconomic News on Quote Adjustments, Noise and Informational Volatility, Journal of Banking & Finance, Vol. 35(10), 2011, 2733-2746 (with N. Hautsch and D. Veredas).
The Early News Catches the Attention: On the Relative Price Impact of Similar Economic Indicators, Journal of Futures Markets, Vol. 30(10), 2010, 909-937 (with A. Niessen).
How Do Commodity Futures Respond to Macroeconomic News? Financial Markets and Portfolio Management, Vol. 22, 2008, 127-146 (with A. Niessen and H. Huang).
Bayesian Learning in Financial Markets - Testing for the Relevance of Information Precision, Journal of Financial and Quantitative Analysis, Vol. 42(1), 2007, 189-208 (with N. Hautsch).
Determinants of the relative price impact of unanticipated information in U.S. macroeconomic releases, Journal of Futures Markets, Vol. 24(7), 2004, 609-630.
Multivariate Market Risk Estimators: Reliability and Transaction Costs in the Context of Portfolio Selection, European Journal of Finance, Vol. 9(1), 2003, 1-18 (with F. Gerhard).
The processing of non-anticipated information in financial markets: Analyzing the impact of surprises in the employment report, European Finance Review, Vol. 6(21), 2002, 133-161 (with N. Hautsch).
Information Diffusion in Electronic and Floor Trading, Journal of Empirical Finance, Vol. 7(5), 2000, S. 455-478 (with G. Franke).

Arbeitspapiere

Quarterly Earnings Information: Implications for Annual Earnings Forecast Models (mit S. Wolf)
The Performance of Mechanical Earnings Forecasts (mit M. Meuter and A. Kaul).
How Much is Too Much? Debt Capacity and Financial Flexibility (mit P. Immenkötter).
Implied Risk Premium and the Business Cycle: You Can't Always Get What You Want (mit G. Bestelmeyer und K. Dicke).
The Good, The Bad, and The Lucky: Projected Earnings Accuracy and the Profitability of Stock Recommendations, AFA 2012 Chicago Meetings Paper (mit D. Kreutzmann und O. Pucker).
Business Cycle Dynamics and Optimal Leverage (P. Immenkötter).
Common Factors in Analysts' Earnings Revisions: The Role of Changing Economic Conditions (mit V. Agarwal).
Stock Price Responses to Unemployment News: State Dependence and the Effect of Cyclicality (mit G. Bestelmeyer).

UNIVERSITÄT ZU KÖLN

Wirtschafts- und Sozialwissenschaftliche FakultätAllgemeine Betriebswirtschaftslehre und Unternehmensfinanzen

Forschung

Veröffentlichungen

Arbeitspapiere