By introducing simBERT, a novel semantically sensitive similarity measure for textual data, we find that international annual reports contain value relevant information that is not timely priced by investors. We measure the value relevance of international corporate disclosures by constructing a...

We analyze the effects of the increasingly expansionary monetary policies on the economic order and on the European integration process. We argue that the market orders shaped in postwar Germany and in Margret Thatcher's United Kingdom have long served as cornerstones for growth, prosperity and...

Using data from surveys as well as as real transactions we analyze which and why investors choose funds with performance fees even though these funds may be more expensive. According to agency theory, performance fees could incentivize managers to achieve better returns, but they could also...