It is well known that asset allocation policy is the major determinant of fundperformance. However, there is substantial disagreement about the exactmagnitude of the contribution of asset allocation. Following the approach inIbbotson and Kaplan (2000), we use German and Swiss balanced mutualfund...

Einleitung: In der zweiten Hälfte der neunziger Jahre ist die Verbesserung der CorporateGovernance börsennotierter Gesellschaften zu einem intensiv diskutiertenThema geworden. Im Unterschied zu früheren Debatten, wie sie vor etwazwanzig Jahren anlässlich der Arbeit von Jensen/Meckling (1976)...

Recent empirical work shows evidence of a positive relationship between firm-specific corporate governance and firm valuation. Instead of looking at a single control mechanism, we use a broad corporate governance index and additional variables related to ownership structure, board...

Recent empirical work shows that a better legal environment leads to lowerexpected rates of return in an international cross-section of countries. Thispaper investigates whether differences in firm-specific corporate governancealso help to explain expected returns in a cross-section of firms...

In the past few years, corporate governance has become a popular area of discussionin continental Europe. Having been a topic of academic research for a longtime in the Anglo-Saxon literature, corporate governance has only recently movedfrom a special interest into all sections of the corporate...