Private investors increasingly use passive investment strategies, i.e. investment methods that try to replicate a stock market index as accurate as possible. In this paper we compare retail index certificates and exchange traded funds. Both investment products promise a performance that...

The business model concept, although a relatively new topic for research, has garnered growing attention over the past decade. Whilst it has been robustly defined, the concept has so far attracted very little substantive research. In the context of the wide-spread digitization of businesses and...

We investigate the drivers behind the use of alternative trading systems for a sample of self-directed online investors. The results show that the factors explicit transaction costs, trading times, awareness of alternative trading systems and degree of personal involvement in the transaction all...