Der vorliegende Beitrag stellt die Ergebnisse einer Fragebogenuntersuchung unter deutschen, schweizerischen und österreichischen börsenkotierten Unternehmen über deren Motive zur Emission von Wandelanleihen vor. Die Antworten der Unternehmen bestätigen die Backdoor- Equity-Hypothese, wonach...

We examine whether CAT bonds can serve as a hedge or a safe haven for global stock, bond, real estate, commodity, private equity, and infrastructure markets. Our results indicate that CAT bonds are a poor hedge, but they act as an effective diversifier against all asset classes under...

The “Sell in May and Go Away” (or Halloween) strategy continues to enjoy great popularity in practice. We explore whether this simple trading rule still offers an opportunity to earn abnormal returns. In contrast to prior studies, we consider sample periods during which adequate investment...

We apply a stationary bootstrap approach that enables us to test the value added of rebalancing for stock-bond portfolios using historical data from the United States, the United Kingdom, and Germany. Analyzing the Sharpe ratio, the Omega measure, and the Sortino ratio as simple measures of...

The literature on gold is dominated by empirical studies on its diversification, hedging, and safe haven properties. In contrast, the question “When to invest in gold?” is generally not analyzed in much detail. We test more than 4,000 seasonal, technical, and fundamental timing strategies...

The valuation of start-up firms is challenging, yet highly relevant for entrepreneurs and financiers alike. We reverse-engineer fair-value multiples by comparing the firm value at the time of financing with the firm value at the time of exit. Our framework produces reliable valuation multiples...

It is well known that asset allocation policy is the major determinant of fundperformance. However, there is substantial disagreement about the exactmagnitude of the contribution of asset allocation. Following the approach inIbbotson and Kaplan (2000), we use German and Swiss balanced mutualfund...