This article examines the link between uncertainty and investors' reaction to goodwill write-offs (GWWOs) for a sample of French firms during the period 2001- 2004. Our theoretical setting is derived from Daniel, Hirshleifer and Subrahmanyam (1998, hereafter DHS98) who posit that overconfidence...

The financial markets crash, which occurred March-April 2000 has aroused suspicion about financial analysts' forecasts accuracy which could have made them more cautious, perhaps pessimistic about future performance. This article investigates the possibility of recent behavioral changes by...

This article describes a methodology for evaluating UMTS licenses using a real options approach. The acquisition of the license is viewed as the right to undertake the infrastructure investments that the firm can defer. The value of this license equals the value of the investment opportunity....