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In this paper we analyze the relation between fund performance and market share. Using three performance measures we first establish that significant differences in the risk-adjusted returns of the funds in the sample exist. Thus, investors may react to past fund performance when making their...
Persistent link: https://www.econbiz.de/10010958570
We study a set of German open-end mutual funds for a time period during which this industry emerged from its infancy. In those years, the distribution channel for mutual funds was dominated by the brick-and-mortar retail networks of the large universal banks. Using monthly observations from...
Persistent link: https://www.econbiz.de/10010958709
We study a set of German open-end mutual funds for a time period during which this industry emerged from its infancy. In those years, the distribution channel for mutual funds was dominated by the brick-and-mortar retail networks of the large universal banks. Using monthly observations from...
Persistent link: https://www.econbiz.de/10010957250
We report results of a series of nine market experiments with asymmetric information and a fundamental value process that is more quot;realisticquot; than those in previous experiments. Both a call market institution and a continuous double auction mechanism are employed. We find considerable...
Persistent link: https://www.econbiz.de/10012789183
This paper investigates experimentally whether certainty equivalents (CE) can be useful indicators for an individual's risk attitude. It is found that the reliability of this indicator (i.e. of a CE elicited by a Vickrey auction) is rather low. The possibility that the Vickrey auction mechanism...
Persistent link: https://www.econbiz.de/10012789185
Previous research suggests that overpricing is a common phenomenon in experimental asset markets. We argue, however, that the experimental design, in particular the fundamental value which steadily declines in the course of the experiment, facilitates the emergence of overpricing. In our...
Persistent link: https://www.econbiz.de/10012789192
This paper provides a detailed analysis of the call auction procedure on the Frankfurt Stock Exchange. Its main contribution is to develop a direct measure of the execution costs in a call auction that is comparable to the bid-ask spread in a continuous market. Applying that measure, we find...
Persistent link: https://www.econbiz.de/10012743851
Es werden verschiedene Methoden zur Messung der Risikoeinstellung einzelner Individuen vorgestellt und kritisch diskutiert. Berücksichtigt werden unter anderem Selbsteinschätzungen und experimentell orientierte Verfahren. Die Zusammenstellung wendet sich insbesondere an Wissenschaftler und...
Persistent link: https://www.econbiz.de/10010986394
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