We investigate the performance of a sample of German mutual equity funds overthe period from 1994 to 2003. Our general finding is that mutual funds, on average,hardly produce excess returns relative to their benchmark that are large enough tocover their expenses. This conclusion is drawn from a...

This paper investigates the impact of individual bank fundamental variables onstock market returns using data from a panel of 235 European banks from 1991to 2005. The sample period marks a significant transition in the European bankingsector, characterized by higher competition, lower profit...

This paper investigates the determinants of Swiss non-financial firms’ cash holdings overthe 1995 to 2004 period. The median Swiss firm holds almost twice as much cash andcash equivalents as the median UK or US firm. Our results indicate that there is a negativerelationship between asset...

We use a dynamic adjustment model and panel methodology to investigatethe determinants of a time- varying optimal capital structure. Because firmsmay temporarily deviate from their optimal capital structure in the presenceof adjustment costs, we also endogenize the adjustment process. In partic...

Im Rahmen einer Fragebogenuntersuchung werden die Determinanten derKapitalstrukturpolitik bzw. der Finanzierungsentscheidungen bei deutschen,österreichische n und schweizerischen börsennotierten Unternehmen untersucht.Die Ergebnisse decken sich weitgehend mit der Befragungsstudie vonGraham und...