Das Ziel des aktiven Portfoliomanagements ist es, eine bessere Performance als eine ex-ante definierte Benchmark zu erzielen. Die amerikanischen Aktienfonds sind zu 90% aktiv gemanagt und halten insgesamt 25% der Aktien in Amerika. Wegen des hohen Anteils gehaltener Aktien am Gesamtmarkt ist es...

Many contributions suggest that earnings instability has increased during the 1980s and1990s. This paper develops and estimates an on-the-job search model of the labor market tostudy the contribution of wage inequality and job mobility in explaining earnings instability. Tostudy the evolution...

A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...