This paper delineates the simultaneous impact of non-anticipated information on first and second moments of the intraday price process by including appropriate variables accounting for the news flow into both…
Using a large panel of German manufacturing firms over the years 1986–1996, this study examines the impact of corporate governance and market discipline on productivity growth. We find that firms under…
Residual income valuation is based on the assumption that the clean surplus relation holds. As pointed out by Ohlson (2000), among others, the standard clean surplus relation is frequently violated. …