We analyze the role of different kinds of primary and secondary market interventions for the government's goal to maximize its revenues from public bond issuances. Some of these interventions can be thought of as characteristics of a "primary dealer system". After all, we see that a primary...

Kimball's Prudence and Two-Fund Separation as Determinants of Mutual Fund Performance Evaluation We consider investors with mean-variance-skewness preferences who aim at selecting one out of F different funds and combining it optimally with the riskless asset and direct stock holdings. Direct...

Direkte Aktienengagements von Investoren und Performancemessung für Investmentfonds Performancemaße werden von Investoren insbesondere als Mittel zur Selektion von Investmentfonds im Rahmen von Ex-ante-Optimierungen verwandt. Unglücklicherweise existieren verschiedene Performancemaße für...