Research

Publications

• 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).

Working Papers

• Quarterly Earnings Information: Implications for Annual Earnings Forecast Models (with S. Wolf)
• The Performance of Mechanical Earnings Forecasts (with M. Meuter and A. Kaul).
• How Much is Too Much? Debt Capacity and Financial Flexibility  (with P. Immenkötter).
• Implied Risk Premium and the Business Cycle: You Can't Always Get What You Want (with 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 (with 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 (with V. Agarwal).
• Stock Price Responses to Unemployment News: State Dependence and the Effect of Cyclicality (with G. Bestelmeyer).