60s. The reform was preceded by a ``social experiment'' in which only a proportion of municipalities received the new …

This paper studies the relation between fund performance and the fund manager's investment strategy, which is based on … performance. -- Diversification ; Portfolio Evaluation ; Investment Strategies ; Momentum …

with a reversed investment behavior compared with studies of 401(k) plans; that is, individuals tend to make their own … investment decisions. Contrary to U.S studies, we also find that women and younger individuals are more likely than men and older … individuals to make an active investment decision. -- Mutual funds ; portfolio choice ; pension system ; status quo bias …

This paper shows that geographical investor heterogeneity strongly influences sovereign risk. While standard sovereign … based on macroeconomic factors, portfolio choice or risk aversion added little explanatory value. The study also documents … neglected by previous research in historical long-run asset returns. -- Sovereign risk ; Investor heterogeneity ; Market …