In this experimental study we examine the impact of self-fulfilling prophecies on financial ratings. According to theoretical models like Kuhner (2001), rating agencies are more likely to reveal their private information if their rating can not become self-fulfilling from an ex-post point of...

This paper investigates how media coverage inʿuences macroeconomic information processing at the bond market. I provide evidence that a high media coverage of an economic topic increases investor attention prior to the release of the corresponding economic indicator: High media coverage of the...

This paper investigates how media coverage in°uences macroeconomic informationprocessing at the bond market. I provide evidence that a high media coverage of aneconomic topic increases investor attention prior to the release of the corresponding economic indicator: High media coverage of the...

This paper investigates politically connected rms in Germany. With the in-troduction of a new transparency law in 2007, information on additional incomesources for all members of the German parliament became publicly available.We nd that members of the conservative party (CDU/CSU) and the...

Dieser Artikel beschäftigt sich mit geschlechtsspezifischen Verhaltensunterschieden bei Fondsmanagern. Wir untersuchen, ob sich weibliche und männliche Fondsmanagern bezüglich ihres Anlageverhaltens unterscheiden und welche Auswirkungen dies auf die Performance sowie die Zuflüsse von...

In diesem Papier untersuchen wir experimentell, ob Informationsintermediäre wieRatingagenturen die Bonität von Kreditnehmern unterschiedlich bewerten, wenn sie ex-postdie Richtigkeit eigener Bewertungen herbeiführen können (sog. Self-fulfilling Prophecies).Diese Frage ist besonders im...

Dieser Artikel beschäftigt sich mit geschlechtsspezifischen Verhaltensunterschieden beiFondsmanagern. Wir untersuchen, ob sich weibliche und männliche Fondsmanagernbezüglich ihres Anlageverhaltens unterscheiden und welche Auswirkungen dies auf diePerformance sowie die Zuflüsse von...

This paper investigates politically connected German firms. With the introduction of a new transparency law, information on additional income sources of all members of the German parliament is now publicly available. We find that members of the conservative party (CDU/CSU) and the liberal party...

There is strong evidence that macroeconomic releases influence prices in financial markets. However, why do markets react to some announcements while they ignore others with a similar content? Based on a Bayesian learning model, we show that market impact is mainly determined by information...