Wissenschaftliche Literatur Risk Premium

Kristian Dicke

The Processing and Pricing of Macroeconomic Information in Financial Markets

Finanzmanagement

How is macroeconomic information processed and priced in financial markets? This work is dedicated to the exploration of different aspects of the relationship between the macroeconomic state of an economy, information about this state, and the pricing of assets. The research question is addressed in three steps.

First, we explore the sensitivity of investors’ riskpremium demands to macroeconomic risk. Specifically, we analyze the link between an economy’s…

Jacob Bjorheim

The Epistemological Value of Consumption Based Asset Pricing Models

BOETHIANA – Forschungsergebnisse zur Philosophie

The book is a philosophical analysis of the consumption based capital asset pricing model (CCAPM), investigating in particular its epistemological and methodological foundations.

Financial markets are integral parts of advanced and developing economies. They matter because they channel unspent household income into banks’ savings accounts and assets such as bonds and stocks. Financial economists have traditionally taken interest in the pricing mechanism that…

Miriam Breunsbach

Applications of Company Valuation Models

Empirical Evidence on Selected Topics

Finanzmanagement

“One of the most important problems of corporate finance is the valuation of proprietary equities” as stated by Preinreich (1936).

Determining the economic value of a company is indeed an important theoretical and practical issue. The estimation of the true value of a company is essential for stock market investors, either professional or private. Only if he valuates a company accurately, can he assess whether it is over- or undervalued and make profitable…

Manuel Weinmann

Earnings Forecast Modeling

A Systematic Approach

Finanzmanagement

Equity analysts’ earnings forecasts, collected by the Institutional Brokers’ Estimate Service (IBES), Zacks and other news providers, serve as a central input in financial research. For example, Claus & Thomas (2001) use earnings forecasts to estimate the equity riskpremium. The equity riskpremium, defined as the excess of the expected return on the market over the risk-free rate, is most commonly estimated via historical averages of ex post realized returns due to the…