Rainer Kiefer

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In this paper we address the question as to why fund managers may trade on short-term information in a financial market that offers more profitable trading on long-term information. We consider a setting in which a fund manager’s ability is unknown and an investor uses performance observations to learn about this ability. We show that an investor learns(More)
In this paper I investigate the role of debtor-in-possession (DIP) financing in the bankruptcy process and find that post-petition loans are associated with a greater probability of successful reorganization (i.e. lower probability of liquidation). This positive impact is however reduced when very senior forms of DIP financing (e.g. priming) are used,(More)
Conventional medical curricula present information pertinent to chronic inflammatory diseases, infectious diseases and transplantation, via systematic lectures and courses in medical specialties without any integrated approach. The authors report on a 3-week model course that attempts to provide students with an overview of clinical presentation,(More)
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