English

The three studies share one common ground in terms of economic theory: the absence of an “informationally efficient market“ (Malkiel and Fama, 1970; Fama, 1991) and the fact that a perfectly efficient market where prices fully reflect all available information is unlikely to exist in practice, because no investors would have an incentive to bear the costs of acquiring and processing such information (Grossman and Stiglitz, 1980). If prices would fully reflect all available information, we would not have been able to improve corporate bankruptcy predictions, professional investors would not conduct more research on effectively bankrupt companies and start selling their share in those companies more than one year prior bankruptcy, neither shouldn’t director voting be informative for the future development of share prices and operating performance.

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