Dieter Hess

University of Cologne - Department of Corporate Finance

Prof.

Corporate Finance Seminar

Albertus-Magnus-Platz

D-50923 Cologne

Germany

http://cf.uni-koeln.de/

University of Cologne - Centre for Financial Research (CFR)

Germany

SCHOLARLY PAPERS

17

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Scholarly Papers (17)

Extended Dividend, Cash Flow and Residual Income Valuation Models - Accounting for Deviations from Ideal Conditions

Number of pages: 56 Posted: 19 Jun 2008 Last Revised: 04 Jun 2011
University of Cologne - Graduate School of Risk Management, University of Cologne - Department of Corporate Finance, University of Cologne, University of Cologne and Paderborn University
Downloads 2,109 (6,442)
Citation 2

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Dividend Discount Model, Residual Income, Discounted Cash Flow, Dirty Surplus, Terminal Value, Valuation Error

Extended Dividend, Cash Flow and Residual Income Valuation Models - Accounting for Deviations from Ideal Conditions

Contemporary Accounting Research, Forthcoming
Posted: 06 Dec 2012
University of Cologne - Graduate School of Risk Management, University of Cologne - Department of Corporate Finance, University of Cologne, University of Cologne and Paderborn University

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Dividend Discount Model, Residual Income, Discounted Cash Flow, Dirty Surplus, Terminal Value, Valuation Error

2.

How Much Is Too Much? Debt Capacity and Financial Flexibility

Number of pages: 56 Posted: 23 Jan 2012 Last Revised: 17 Mar 2014
Dieter Hess and Philipp Immenkötter
University of Cologne - Department of Corporate Finance and University of Cologne - Department of Corporate Finance
Downloads 1,012 (21,269)

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capital structure, debt capacity, credit ratings, capital budgeting

3.

The Good, The Bad, and The Lucky: Projected Earnings Accuracy and Profitability of Stock Recommendations

AFA 2012 Chicago Meetings Paper
Number of pages: 51 Posted: 18 Mar 2011 Last Revised: 13 Aug 2012
Dieter Hess, Daniel Kreutzmann and Oliver Pucker
University of Cologne - Department of Corporate Finance, University of Cologne and University of Cologne
Downloads 954 (23,186)
Citation 2

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analysts, portfolio management, profitability of recommendations

4.

Common Factors in Analysts’ Earnings Revisions: The Role of Changing Economic Conditions

Number of pages: 44 Posted: 18 Mar 2012
Vikas Agarwal and Dieter Hess
Georgia State University and University of Cologne - Department of Corporate Finance
Downloads 725 (34,066)
Citation 3

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earnings forecasts, equity analysts, forecast accuracy, macroeconomic news, business conditions

Bayesian Learning in Financial Markets - Testing for the Relevance of Information Precision in Price Discovery

Centre for Financial Research (CFR), Working Paper 04-10
Number of pages: 37 Posted: 14 Jun 2005 Last Revised: 16 Sep 2010
Dieter Hess and Nikolaus Hautsch
University of Cologne - Department of Corporate Finance and University of Vienna - Department of Statistics and Operations Research
Downloads 725 (33,560)
Citation 1

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Bayesian learning, information precision, macroeconomic announcements, asymmetric price response, financial markets, high-frequency data

Bayesian Learning in Financial Markets - Testing for the Relevance of Information Precision in Price Discovery

Journal of Financial and Quantitative Analysis (JFQA), Vol. 42, No. 1, 2007
Posted: 01 Nov 2008
Nikolaus Hautsch and Dieter Hess
University of Vienna - Department of Statistics and Operations Research and University of Cologne - Department of Corporate Finance

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information quality, macroeconomic announcements, event studies, asymmetric price response, high-frequency data

Price Adjustment to News with Uncertain Precision

EFA 2009 Bergen Meetings Paper
Number of pages: 49 Posted: 04 Mar 2007 Last Revised: 29 Mar 2012
University of Cologne - Department of Corporate Finance, University of Vienna - Department of Statistics and Operations Research and University of Cologne
Downloads 551 (48,407)

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Bayesian learning, information quality, precision signals, macroeconomic announcements

Price Adjustment to News with Uncertain Precision

Journal of International Money and Finance, Vol. 31, No. 2, 2012
Posted: 09 Feb 2012 Last Revised: 15 Feb 2012
University of Vienna - Department of Statistics and Operations Research, University of Cologne - Department of Corporate Finance and University of Cologne

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Bayesian learning, Macroeconomic announcements, Information quality, Precision signals

Determinants of the Relative Price Impact of Non-Anticipated Information in U.S. Macroeconomic Releases

Number of pages: 36 Posted: 01 Mar 2002
Dieter Hess
University of Cologne - Department of Corporate Finance
Downloads 416 (69,010)
Citation 3

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Information Processing, Scheduled Macroeconomic Releases, T-bond Futures

Determinants of the Relative Price Impact of Non-Anticipated Information in U.S. Macroeconomic Releases

Journal of Futures Markets, Vol. 24, No. 7, 2004
Posted: 20 Nov 2011
Dieter Hess
University of Cologne - Department of Corporate Finance

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Information Processing, Scheduled Macroeconomic Releases, T-bond Futures

Irrationality or Efficiency of Macroeconomic Survey Forecasts? Implications from the Anchoring Bias Test

Number of pages: 50 Posted: 03 Sep 2010 Last Revised: 26 May 2012
Dieter Hess and Sebastian Orbe
University of Cologne - Department of Corporate Finance and University of Cologne - Department of Corporate Finance
Downloads 366 (80,308)
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macroeconomic announcements, efficiency of forecasts, anchoring bias, rationality of analysts

Irrationality or Efficiency of Macroeconomic Survey Forecasts? Implications from the Anchoring Bias Test

Review of Finance, (Forthcoming)
Posted: 20 Sep 2012
Dieter Hess and Sebastian Orbe
University of Cologne - Department of Corporate Finance and University of Cologne - Department of Corporate Finance

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macroeconomic announcements, efficiency of forecasts, anchoring bias, rationality of analysts

The Impact of Macroeconomic News on Quote Adjustments, Noise, and Informational Volatility

Number of pages: 44 Posted: 16 Feb 2009 Last Revised: 31 Mar 2012
Nikolaus Hautsch, Dieter Hess and David Veredas
University of Vienna - Department of Statistics and Operations Research, University of Cologne - Department of Corporate Finance and Vlerick Business School
Downloads 366 (80,011)
Citation 3

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Efficient return, macroeconomic announcements, microstructure noise, informational volatility

The Impact of Macroeconomic News on Quote Adjustments, Noise, and Informational Volatility

Journal of Banking and Finance, Vol. 35, No. 10, 2011
Posted: 20 Nov 2011 Last Revised: 31 Mar 2012
Nikolaus Hautsch, Dieter Hess and David Veredas
University of Vienna - Department of Statistics and Operations Research, University of Cologne - Department of Corporate Finance and Vlerick Business School

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Efficient return, Macroeconomic announcements, Microstructure noise, Informational volatility

10.

The Performance of Mechanical Earnings Forecasts

Number of pages: 46 Posted: 25 Sep 2017 Last Revised: 09 Jan 2019
Dieter Hess, Martin Meuter and Ashok Kaul
University of Cologne - Department of Corporate Finance, University of Cologne - Faculty of Management, Economics and Social Sciences and Saarland University
Downloads 314 (95,954)

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Earnings Forecasts, Cross-Sectional Earnings Model, Forecast Performance, Implied Cost of Capital (ICC)

11.

The Early News Catches the Attention: On the Relative Price Impact of Similar Economic Indicators

Paris December 2007 Finance International Meeting AFFI-EUROFIDAI Paper
Number of pages: 38 Posted: 15 Sep 2007 Last Revised: 12 Jan 2010
Dieter Hess and Alexandra Niessen-Ruenzi
University of Cologne - Department of Corporate Finance and University of Mannheim - Department of Finance
Downloads 244 (125,332)

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Bayesian Learning, Macroeconomic Announcements, Information Processing

12.

Predicting Bankruptcy via Cross-Sectional Earnings Forecasts

Number of pages: 46 Posted: 10 Mar 2018 Last Revised: 08 Feb 2019
Dieter Hess and Martin Huettemann
University of Cologne - Department of Corporate Finance and University of Cologne - Cologne Graduate School in Management, Economics and Social Sciences
Downloads 220 (138,841)
Citation 3

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bankruptcy prediction, negative book equity, mechanical earnings forecasts, financial distress

13.

Predicting Sell-Side Analysts' Relative Earnings Forecast Accuracy When It Matters Most

Number of pages: 37 Posted: 17 May 2017
Niklas Blümke, Dieter Hess and Alexander Stolz
University of Cologne, University of Cologne - Department of Corporate Finance and University of Cologne
Downloads 149 (196,594)

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Equity Analysts, Earnings Forecasts, Accuracy Prediction

14.

Incorporating Quarterly Earnings Information into Cross-Sectional Earnings Forecast Models

Number of pages: 59 Posted: 18 Jan 2019
Dieter Hess and Tobias Lorsbach
University of Cologne - Department of Corporate Finance and University of Cologne - Cologne Graduate School in Management, Economics and Social Sciences
Downloads 18 (534,033)

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Cross-sectional earnings model, earnings forecasts, expected rate of re-turns, cost of capital

15.

How Do Commodity Futures Respond to Macroeconomic News?

Financial Markets and Portfolio Management, Vol. 22, No. 2, pp. 127-146, 2008
Posted: 16 Jun 2008
University of Cologne - Department of Corporate Finance, University of Cologne - Faculty of Management, Economics and Social Sciences and University of Mannheim - Department of Finance

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Commodities, Macroeconomic announcements, Business cycle

16.

The Processing of Non-Anticipated Information in Financial Markets: Analyzing the Impact of Surprises in the Employment Report

European Finance Review, Vol. 6, pp. 133-161, 2002
Posted: 14 Jun 2005
Dieter Hess and Nikolaus Hautsch
University of Cologne - Department of Corporate Finance and University of Vienna - Department of Statistics and Operations Research

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Trading process, volatility, macroeconomic announcements, treasury bond futures, high-frequency data

17.

Anonymous Electronic Trading Versus Floor Trading

Journal of Empirical Finance, Vol. 7, No. 5, 2000
Posted: 05 Dec 1998 Last Revised: 18 Dec 2008
Dieter Hess and Guenter Franke
University of Cologne - Department of Corporate Finance and University of Konstanz - Department of Economics

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