This paper examines the economic exposure of German corporation to changes in the DM/US-dollar exchange-rate. Our work contributes to the existing body of literature in the following ways. Firstly, we point out conceptual problems of previous attempts to estimate economic exposure. Secondly, we...

One of the most significant empirical findings of the behavioral finance literature is that investor sentiment affects asset prices. Baker and Wurgler (2006) finds that shares of certain firms — those that are difficult to value — are more affected by shifts in investor sentiment. We examine...

This paper investigates the value relevance of acquired intangible assets using a comprehensive hand-collected dataset for 1,647 publicly listed US-firms from 2002 to 2018. This dataset allows us to disentangle acquired intangible assets into different classes (e.g., tech-, customer-, contract-,...

We examine how abnormal dark market share changes at earnings announcements and find a statistically and economically significant increase in abnormal dark market share in the weeks prior to, during, and following the earnings announcement. The increase in dark market share is larger for firms...