to STAR1). We then perform an unconditional and conditional portfolio performance evaluation. In both cases the evidence …-Rating System ; CAPM ; conditional and unconditional portfolio performance evaluation …

. Evaluation studies of such programmes commonly rely on the conditional independence assumption (CIA), allowing a causal … success, these variables were neglected in evaluation studies so far due to data limitations. In this paper, we evaluate a new … administrative-survey data allows us to incorporate usually unobserved personality measures in the evaluation and investigate their …