We analyze how markets adjust to new information when the reliability of news is uncertain and has to be estimated itself. We propose a Bayesian learning model where market participants receive fundamental information along with noisy estimates of news’ precision. It is shown that the...

We study the impact of the arrival of macroeconomic news on the informational and noise-driven components in high-frequency quote processes and their conditional variances. We decompose bid and ask returns into a common ("efficient return") factor and two market-side-specific components...

Recent findings indicate that macroeconomic survey forecasts are anchoring biased and therefore are inefficient. However, despite highly significant test coefficients, a bias adjustment does not improve forecasts' quality. We find that the cognitive bias is a statistical artifact because the...

In den letzten Jahren ist der Handel in Zinsderivaten, vor allem Zinsterminkontrakten und Zinsswaps, rasch gewachsen. Für die Banken, die den Handel von Zinsderivaten in erster Linie tragen, folgt daraus ein erhebliches Risiko. Dieses hat in jüngster Zeit immer wieder zu Befürchtungen...

Abstract Der Beitrag geht zum einen den Auswirkungen der Schuldrechtsreform auf das Finanzierungsleasing nach. Dabei wird gezeigt, dass die leasingtypische Abtretungskonstruktion auch zukünftig Geltung beanspruchen kann. Gleichwohl müssen sich die Parteien beim Finanzierungsleasing in einer...

Summary The politics of intensifying competition in higher education by deregulation and decentralisation caused in Germany problems in the field of college admissions. In the case of excess demand high transaction costs and inefficient allocation resulted from multiple applications. In a...