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Institutional investors in Germany: Insurance companies and investment funds
Maurer, Raimond H. - Center for Financial Studies - 2003
composition of the assets under their management, aspects of financ ial regulation, and features of their asset-liability-management. …
Persistent link: https://www.econbiz.de/10010958726
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Institutional Investors in Germany: Insurance Companies and Investment Funds
Maurer, Raimond - Center for Financial Studies - 2003
composition of the assets under their management, aspects of financial regulation, and features of their asset-liability-management. …
Persistent link: https://www.econbiz.de/10005176461
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Money-back guarantees in individual pension accounts: Evidence from the German pension reform
Maurer, Raimond H.; Schlag, Christian - Center for Financial Studies - 2002
The German Retirement Saving Act instituted a new funded system of supplementary pensions coupled with a general reduction in the level of state pay-as-you-go old-age pensions. In order to qualify for tax relief, the providers of supplementary savings products must offer a guarantee of the...
Persistent link: https://www.econbiz.de/10010986377
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Money in motion: Dynamic portfolio choice in retirement
Horneff, Wolfram J.; Maurer, Raimond H.; Mitchell, Olivia S. - Center for Financial Studies - 2007
Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation decisions when managing her retirement financial...
Persistent link: https://www.econbiz.de/10010958527
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Betting on death and capital markets in retirement: A shortfall risk analysis of life annuities versus phased withdrawal plans
Dus, Ivica; Maurer, Raimond H.; Mitchell, Olivia S. - Center for Financial Studies - 2004
How might retirees consider deploying the retirement assets accumulated in a defined contribution pension plan? One possibility would be to purchase an immediate annuity. Another approach, called the phased withdrawal strategy in the literature, would have the retiree invest his funds and then...
Persistent link: https://www.econbiz.de/10010986362
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Lifecycle impacts of the financial and economic crisis on household optimal consumption, portfolio choice, and labor supply
Chai, Jingjing; Maurer, Raimond H.; Mitchell, Olivia S.; … - Center for Financial Studies - 2011
The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and...
Persistent link: https://www.econbiz.de/10010958546
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Performance and market share: Evidence from the German mutual fund industry
Krahnen, Jan Pieter; Schmid, Frank A.; Theissen, Erik - Center for Financial Studies - 1997
In this paper we analyze the relation between fund performance and market share. Using three performance measures we first establish that significant differences in the risk-adjusted returns of the funds in the sample exist. Thus, investors may react to past fund performance when making their...
Persistent link: https://www.econbiz.de/10010958570
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Mergers and acquisitions in Germany : social-setting and regulatory framework
Schmid, Frank A. (contributor); Wahrenburg, Mark (contributor) - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001817426
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Regulation and Competition in German Banking: An Assessment
Fischer, Karl-Hermann; Pfeil, Christian - Center for Financial Studies - 2003
deposit customers. In the past, bank regulation has often been blamed for undermining competition and the functioning of … tries to shed some light on the historical development and current state of bank regulation in Germany. In so doing, it … tries to embed the analysis of bank regulation in a more general industrial organization framework. For every regulated …
Persistent link: https://www.econbiz.de/10010986452
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Instabile Finanzmärkte
Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2009
Die Vorstellung selbst-stabilisierender, zum Gleichgewicht tendierender Finanzmärkte, lange Zeit als Selbstverständlichkeit angesehen, ist durch die aktuelle Banken- und Kreditkrise in Frage gestellt. Trotz ausgefeilten Risikomanagements der Banken und einer an Basel II orientierten Aufsicht...
Persistent link: https://www.econbiz.de/10010986485