David Schroeder

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The role of wildfires as the most significant source of disturbance in boreal forests has been equaled by clearcuts during the past five decades. Post-disturbance revegetation patterns are important because they have a direct influence on many ecological processes. However, the knowledge of post-disturbance changes in spatial patterns of forest cover is(More)
Considering the sea ice decline in the Arctic during the last decades, polynyas are of high research interest since these features are core areas of new ice formation. The determination of ice formation requires accurate retrieval of polynya area and thin-ice thickness (TIT) distribution within the polynya. We use an established energy balance model to(More)
A new approach of estimating a forward-looking equity risk premium (ERP) is to calculate an implied risk premium using present value (PV) formulas. This paper compares implied risk premia obtained from different PV models and evaluates them by analyzing their underlying firm-specific cost-of-capital estimates. It is shown that specific versions of dividend(More)
Recent literature on optimal investment has stressed the difference between the impact of risk and the impact of ambiguity also called Knightian uncertainty on investors’ decisions. In this paper, we show that a decision maker’s attitude towards ambiguity is similarly crucial for investment decisions. We capture the investor’s individual ambiguity attitude(More)
This study demonstrates that analysts can help to predict the cross-section of stock returns across international capital markets. Analyst estimates are captured by the implied cost of capital (ICC) and the value-to-price (V/P) ratio, two risk and valuation measures derived from analyst forecasts. This paper shows that both measures can explain the(More)
This study analyzes the responses to a representative survey of wealth advisors on private wealth management practices, and compares the advisors’ views to academic research in household finance. This study demonstrates that many wealth managers do not apply novel insights proposed by financial economists when advising their clients. Many practitioners(More)
This paper re-examines the duration-based explanation of the value premium using novel estimates of the firms’ equity and cash flow durations based on analyst forecasts. We show that the value premium can be explained by cross-sectional differences in the shares’ equity durations, but not by their cash flow durations. Different from the duration-based(More)
Academics and practitioners have long recognized the importance of a firm’s industry membership in explaining its financial performance. Yet, contrary to conventional wisdom, recent research shows that industry-specific profitability forecasting models are not better than economy-wide models. The objective of this paper is to further explore this result and(More)
Investors can generate excess returns by implementing trading strategies based on publicly available equity analyst forecasts. This paper captures the information provided by analysts by the implied cost of capital (ICC), the internal rate of return that equates a firm’s share price to the present value of analysts’ earnings forecasts. We find that U.S.(More)
Ambiguity preferences are important to explain human decision-making in many areas in economics and finance. To measure individual ambiguity preferences, the experimental economics literature advocates using incentivized laboratory experiments. Yet, laboratory experiments are costly and require a lot of time and administrative effort. This study develops an(More)