We examine the relationship between CEO ownership and stock market performance of S&P 500 (S&P 1500) firms from 1994-2005 (1996-2005). We find that firms in which the CEO holds a considerable share of outstanding stocks outperform the market by up to 16% p.a. after controlling for traditional...

Viele Top-Manager von Aktiengesellschaften halten freiwillig einen beträchtlichenBestand an Aktien des eigenen Unternehmens. Dies ist eine erstaunlicheBeobachtung, denn eigentlich sollten Manager kein Interesse daran haben, in ihreeigenen Firmen zu investieren. Da bereits ein beträchtlicher...

We develop a new tail risk measure for hedge funds to examine the impact of tail risk on fund performance and to identify the sources of tail risk. We find that tail risk affects the cross-sectional variation in fund returns, and investments in both, tailsensitive stocks as well as options,...

We merge the literature on downside return risk and liquidity risk and introduce the concept of extreme downside liquidity (EDL) risks. The cross-section of stock returns reflects a premium if a stock's return (liquidity) is lowest at the same time when the market liquidity (return) is lowest....

We investigate hedge fund firms' unobserved performance (UP), measured as the riskadjusted return difference between a fund firm's reported return and hypothetical portfolio return derived from its disclosed long equity holdings. Fund firms with high UP outperform those with low UP by 7.2% p.a....

In der vorliegenden Arbeit werden erstmals die Determinanten der Zuflüsse deutscher Aktienfonds empirisch untersucht. Für den Untersuchungszeitraum von 1991 bis 2003 finden wir einige interessante Unterschiede zum US-Markt. Zunächst bestätigen wir die in der Literatur dokumentierte positiv...

In this paper we examine intra-firm competition in the U.S. mutual fund industry. Our empirical study shows that fund managers within mutual fund families compete against each other. They adjust the risk they take dependent on the relative position within their fund family. The direction of the...

This paper provides the first empirical test of the diversification of opinions theory and the group shift theory using real business data. Our data set covers management teams and single managers of US equity mutual funds. Our results reject the group shift theory and support the...

This paper is concerned with differences in the performance-flow relationship (PFR) between standard and specialist market segments of the mutual fund industry. We expect differences in this relationship because investor characteristics might vary across different segments. Our results show that...

This paper shows that gender di®erences exist in a professional setting where man-agers have a similar educational background and work experience. Using data from the U.S. mutual fund industry we find that female managers are more risk averse, follow less extreme and more consistent investment...