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Paralyzed by shock and confused by glut : the portfolio formation behavior of peer-to-business lending investors

Dorfleitner, Gregor; Hornuf, Lars; Weber, Martina - 2018

We study the investor behavior on a leading peer-to-business lending platform and find evidence of two new investment biases - a default shock bias and a deep market bias. First, we find investors to stop investing in new loans and to cease from diversifying their portfolio after experiencing a...

Persistent link: https://www.econbiz.de/10011863582

Measuring alpha in the fund management industry : do female managers perform better?

Babalos, Vassilios; Caporale, Guglielmo Maria; … - 2013

This paper examines the performance of 358 European diversified equity mutual funds controlling for gender differences. Fund performance is evaluated against funds' designated market indices and representative style portfolios. Consistently with previous studies, no significant differences in...

Persistent link: https://www.econbiz.de/10009752997

Asset allocation and monetary policy : evidence from the eurozone

Hau, Harald; Lai, Sandy - 2014

The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short-term interest rates varied substantially across countries in the period 2003 - 2010. We use this cross-country variation in the (local) tightness of monetary policy to examine its...

Persistent link: https://www.econbiz.de/10010413745

Pension benefit insurance and pension plan portfolio choice

Crossley, Thomas F.; Jametti, Mario - 2008

Pension benefit guarantee policies have been introduced in several countries to protect private pension plan members from the loss of income that would occur if a plan was underfunded when the sponsoring firm terminates a plan. Most of these public insurance schemes face financial difficulty and...

Persistent link: https://www.econbiz.de/10003803567

Can time-varying currency risk hedging explain exchange rates?

Bräuer, Leonie; Hau, Harald - 2022

Over the last decade foreign bond portfolio positions in US dollar assets have risen above the reciprocal US investor positions in foreign currencies. In periods of increased economic uncertainty, institutional investors hedge their international bond positions, which creates a net hedging...

Persistent link: https://www.econbiz.de/10013440410

Double diversification with an application to Iceland

Thorvaldur Gylfason; Wijkman, Per Magnus - 2015 - Final version, 27 May 2015

diversification as an essential aspect of national risk management aimed at promoting efficiency, growth, and welfare. The paper first … presents economic and political diversification side by side in a cross-country framework and discusses how they interact and … effects of insufficient economic and insufficient political diversification. Dominated for decades by the fishing industry …

Persistent link: https://www.econbiz.de/10010533096

Asset diversification versus climate action

Hambel, Christoph; Kraft, Holger; Ploeg, Frederick van der - 2020

. In the longer run, however, a trade-off between diversification and climate action emerges. We derive the optimal carbon …

Persistent link: https://www.econbiz.de/10012258563

Illusion of expertise in portfolio decisions : an experimental approach

Fellner, Gerlinde; Güth, Werner; Maciejovsky, Boris - 2001

Overall, 72 subjects invest their endowment in four risky assets. Each com-bination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four...

Persistent link: https://www.econbiz.de/10011408429

The rationale for fundamental pension reform in Germany and the United States : an assessment

Burtless, Gary - 2001

This paper considers the arguments for fundamental pension reform in Germany and the United States. The two countries have recently made or are considering reforms that would reduce the generosity of the traditional, pay-as-you-go pension system. Some or all of the lost benefits would be...

Persistent link: https://www.econbiz.de/10011399275

Portfolio sales and signaling

Bougheas, Spiros P.; Worrall, Timothy - 2017

A common practice of banks has been to pool assets of different qualities and then sell a fraction of the newly created portfolios to investors. We extend the signaling model for single sales of risky assets to portfolio sales. We identify conditions under which signaling at the portfolio level...

Persistent link: https://www.econbiz.de/10011610925

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