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Kempf, Alexander; Ruenzi, Stefan - EconWPA - 2004

In this paper we examine intra-firm competition in the mutual fund industry. Our empirical study of the US mutual fund industry shows for the first time that managers within mutual fund families compete against each other. They adjust the risk they take depending on the relative position within...

Persistent link: https://www.econbiz.de/10005134712

Family Matters: The Performance Flow Relationship in the Mutual Fund Industry

Kempf, Alexander; Ruenzi, Stefan - EconWPA - 2004

The relationship between the performance of mutual funds and their subsequent growth is examined. The focus of our …

Persistent link: https://www.econbiz.de/10005134764

Mutual Fund Growth in Standard and Specialist Market Segments

Ruenzi, Stefan - EconWPA - 2004

We examine differences in the performance flow relationship (PFR) between different segments of the fund industry. Such …

Persistent link: https://www.econbiz.de/10005134788

The impact of downside risk on risk-adjusted performance of mutual funds in the Euronext markets

Plantinga, Auke; Sortino, Franks; Meer, Robert van der - EconWPA - 2004

Many performance measures, such as the classic Sharpe ratio have difficulty in evaluating the performance of mutual … relation between the risk preferences of the investor and the risk- adjusted performance measure. We conclude that it is … difficult to interpret differences in the outcomes of risk-adjusted performance measures exclusively as differences in …

Persistent link: https://www.econbiz.de/10005413128

Herd behavior and aggregate fluctuations in financial markets

CONT, Rama; BOUCHAUD, Jean-Philippe - EconWPA - 1997

-known market phenomena: the heavy tails observed in the distribution of stock market returns on one hand and 'herding' behavior in …

Persistent link: https://www.econbiz.de/10005134800

Professional Advice

Ottaviani, Marco; Sorensen, Peter - EconWPA - 1999

Professional experts offer advice with the objective of appearing well informed. Their ability is evaluated on the basis of the advice given and the realized state of the world. We model this situation as a reputational cheap-talk game with continuous signal, state, and ability type spaces....

Persistent link: https://www.econbiz.de/10005550867

Taking the Road Less Traveled: Does Conversation Eradicate Pernicious Cascades?

Cao, Henry; Hirshleifer, David - EconWPA - 2004

We offer a model in which sequences of individuals often converge upon poor decisions and are prone to fads, despite being able to communicate both past payoff outcomes and the private signals underlying past choices. This reflects direct and indirect action-based informational externalities;...

Persistent link: https://www.econbiz.de/10005550929

Informational cascades in the laboratory: Do they occur for the right reasons?

Huck, Steffen; Oechssler, Joerg - EconWPA - 1999

Recently, the theory of informational cascades has been tested in an experiment by Anderson and Holt (1997) who report that their data support the theory amazingly well. In this note we report on an experiment designed to find out whether observed cascades are indeed due to rational Bayesian...

Persistent link: https://www.econbiz.de/10005556678

Informational Cascades with Continuous Action Spaces

Huck, Steffen; Oechssler, Joerg - EconWPA - 1997

The recent literature on informational cascades has nurtured the impression that cascades can occur only if the action space is coarser than the signal space. In particular, it is sometimes claimed that with continuous action spaces cascades are impossible. In this note we present a simple...

Persistent link: https://www.econbiz.de/10005118606

PUBLICATION PERFORMANCE OF ECONOMISTS AND ECONOMICS DEPARTMENTS IN TURKEY (1999-2003)

cokgezen, murat - EconWPA - 2005

This is the first study evaluating publication performances of economists and economics departments in Turkey. Findings show wide gaps between the Top-Five economics departments and economists affiliated to these universities and the others. Publication patterns of Turkish economists are the...

Persistent link: https://www.econbiz.de/10005124928