The large spread between equity returns and risk free rates observed in most stock markets (the "equity premium puzzle") has been subject of intense debates. Two main families of models claim to solve this puzzle: habit formation models and loss aversion models. The goal of this paper is to...

Schweizer Private-Banking-Institute halten sich in einem zunehmend wettbewerbsintensiveninternationalen Markt am besten. Dies zeigt die neueste «International Private Banking Stu-dy» des Instituts für schweizerisches Bankwesen der Universität Zürich, welche die Wettbe-werbsfähigkeit von...