In this paper, we empirically examine the systematic risk of corporate bonds in the Euro area. Based on a unique sample of 784 bonds from 1999 to 2010, we show that the systematic risk of constructed bond portfolios and individual bonds—measured against three different market indices—depends...

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...