Multidivisional and decentralized firms often operate inefficiently. In most cases, central
management's instruments to influence its branches' behavior are limited. Although relative …

… In Part I, Jan Viebig and Thorsten Poddig, the lead authors of this book, describe the basics
of many valuation models, which are linked to key metrics such as cash flow, earnings and …

Over the last two decades, many important changes took place in the area of international
finance. The liberalisation of financial markets and the development of powerful …

Since the subprime crisis, portfolios based on risk diversification are of great interest to both
academic researchers and market practitioners. They have also been employed by several …

We compare the performance of the linear regression model, which is the current standard
in science and practice for cross-sectional stock return forecasting, with that of machine …

We estimate and test several default risk models using new and unique data on corporate
defaults in the German stock market. While defaults were extremely rare events in the 1990s, …

Motivated by recent findings from the equity market, we investigate non-standard errors in
cryptocurrency research. We examine ten prevalent decisions related to data sources, sample …

This paper examines the out-of-sample performance of asset allocation strategies that use
conditional multi-factor models to forecast expected returns and estimate the future variance …

The characteristics book-to-market equity ratio, size and momentum are highly correlated
with the average returns of common stocks. Fama and French (J Financ Econ 33(1):3–56, …

In mean-variance portfolio optimization, factor models can accelerate computation, reduce
input requirements, facilitate understanding and allow easy adjustment to changing …