This paper investigates the purchases and redemptions of a large cross-sectionalsample of German equity funds. We find that investors punish bad performance byselling their shares, but also have a tendency to sell winners. Investors in large fundfamilies show higher sales and redemption rates....

The basis of Germany´s technological competitiveness continues to be a good one. In the nineties, however, the investments to maintain this position have left much to be desired. The most recent efforts in investments, in research and development and patenting activities are found to be...

Portfolio choice and the implied asset pricing are usually derived assumingmaximization of expected utility. In this Paper, they are derived from risk-value models that generalize the Markowitz-model. We use a behaviourally-based risk measure with an endogenous or exogenous benchmark...

This study confirms that companies in all industries can generate above-average TSR, the "gold standard" of value creation. In the long-run, this is fuelled by three key fundamental metrics-margins, asset productivity and investment growth.

The main goal of this paper is to present various descriptive statistics on demographic information, investment strategy, portfolio positions, and trading activity.

...In the following, we put forward a model in which risk management is the only exogenous function of banks.