Nach den Ergebnissen des ifo Investitionstests bei den deutschen Leasinggesellschaften wuchs das Neugeschäft in der Branche 1998 um 11,5%, und für 1999 ist ein Plus von 7,3% zu erwarten. Im Jahr 1998 expandierten sowohl das Mobilien-Leasing (+ 10,4%) als auch das Immobilien-Leasing (+ 17,2%)...

We measure the loss potential of Hedge Funds by combining three market risk measures: VaR, Draw-Down and Time Under-The-Water. Calculations are carried out considering three different frameworks regarding Hedge Fund returns: i) Normality and time-independence, ii) Non-normality and time-...

A factor-decomposition based framework is presented that facilitates non-parametric risk analysis for complex hedge fund portfolios in the absence of portfolio level transparency. This approach has been designed specifically for use within the hedge fund-of-funds environment, but is equally...

We explore the link between international stock market comovement and the degree to which firms operate globally. Using stock returns and balance sheet data for companies in 20 countries, we estimate a factor model that decomposes stock returns into global, country-specific and industry-specific...

We investigate the empirical relation between ambiguity aversion, risk aversion and portfolio choices. We match administrative panel data on portfolio choices with survey data on preferences over ambiguity and risk. We report three main findings. First, conditional on participation, ambiguity...

Under conditions of risk it makes a difference whether the discount rate is determined as an expected present or as an expected future value. This difference which is dubbed as the Weitzman-Gollier puzzle has stimulated an intensive discussion which, however, is somewhat confusing. In this paper...

Achieving low-carbon, climate-resilient (LCR) development is a policy goal of many governments today, and investment in built-infrastructure – in the energy, transport, water and building sectors – is a central part of the challenge. In the face of growing infrastructure needs and fiscal...

Individuals in most industrialized countries have to make investment decisions throughout their adult life span to save for their retirement. These decisions substantially affect their living standards in old age. Research on cognitive aging has already demonstrated several changes in cognitive...