This paper shows that Economic Value Added (EVA) can be used to optimize theperformance of european share investements. Investing in the top third relative EVAperformers, leads to a significant outperformance. This is true for market and sektorinvestments. The best results were found for growth...

Most previous research on efficiency in banking takes a regulatory perspective. In contrast,this paper investigates the empirical relation between efficiency and profitability in five largeeconomies of the European Union during the period 1998-2005 and discusses the results fromthe perspective...

Loss Given Default (LGD) is a major element for pricing credits and bonds. As there has beena substantial amount of research during the last years, this paper aims to give an overview.Initially, defaults and recovery definitions for credits and the differences to bonds are discussed.A survey of...

Im Mittelpunkt dieser Arbeit steht die Analyse der Vor- und Nachteile einer geglätte-ten versus aktuellen Informationsbasis in einem theoretischen Modell. Am Beispielstabiler Agency-Ratings und volatiler marktbasierter Ratings zeigt sich, dass die Ef-fekte der Berichtsmethode von den...

Behavioral finance theory is used for the foreign exchange market toshow, that the profit of a typical trader is mainly due to the higher number of correctpositions. Using behavioral finance the amount of loss trades is larger than60%, however the individual gains are larger than the losses...

Ziel des Beitrags war es, den Forschungsansatz der Behavioral Finance in seinemaktuellen Entwicklungsstand darzustellen und sein Potential für die Weiterentwicklungder Finanztheorie zu analysieren. Dabei wurde zunächst festgestellt,dass die vorherrschende Kapitalmarkttheorie bisher nicht in...

The paper examines the key drivers of gold investment. Since 2000 the gold price has risendrastically, making gold an interesting add-on to a portfolio. As gold futures have negativeroll returns, gold pool accounts are characterized by high credit risk and physical possessionof gold means high...

Hedge Funds are often considered as a possibility for optimizing traditional portfolios due to their alternative risk factors and sources of return. But as the return distribution of hedge funds shows negative skewness and excess kurtosis, using portfolio optimization techniques, based on the...