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The Benefits of Creating an Integrated EU Market for Investment Funds

Heinemann, Friedrich - 2002

The fast growing EU market for investment funds is still characterised by a continuing relevance of national borders. This papers assesses this market?s degree of integration, the potential benefits from more integration and the obstacles to cross-border sales of funds. The analysis shows that...

Persistent link: https://www.econbiz.de/10010298094

Conditional Performance Evaluation for German Mutual Equity Funds

Bessler, Wolfgang; Drobetz, Wolfgang; Zimmermann, Heinz - 2007

We investigate the performance of a sample of German mutual equity funds over the 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 to cover their expenses. This conclusion is drawn from...

Persistent link: https://www.econbiz.de/10011390627

Ethical vs. non-ethical - is there a difference? Analyzing performance of ethical and non-ethical investment fund

Lundberg, Linnéa; Novák, Jiří; Vikman, Maria - 2009

Ethical investments have become increasingly popular over the past years. Ethical funds restrict their investment based on environmental, social and/or ethical criteria. Prior research on the performance of ethical versus non-ethical funds yields mixed results. This paper investigates the...

Persistent link: https://www.econbiz.de/10010322203

Explaining Hedge Fund Investment Styles by Loss Aversion

Siegmann, Arjen; Lucas, André - 2002

Recent research reveals that hedge fund returns exhibit a range of different,possibly non-linear pay-off patterns. It is difficult to qualify all these patternssimultaneously as being rational in a traditional framework for optimal financial decisionmaking. In this paper we present a simple...

Persistent link: https://www.econbiz.de/10010324945

Lessons from a small country in a financial crisis or Dr. Minsky and Mr. Ponzi in Iceland

Magnusson, Gylfi - 2010

Persistent link: https://www.econbiz.de/10014306488

The effect of policyholders' rationality on unit-linked life insurance contracts with surrender guarantees

Li, Jing; Szimayer, Alexander - 2010

We study the valuation of unit-linked life insurance contracts with surrender guarantees. Instead of solving an optimal stopping problem, we propose a more realistic approach accounting for policyholders’ rationality in exercising their surrender option. The valuation is conducted at the...

Persistent link: https://www.econbiz.de/10010293371

Institutional Herding in Bond Markets

Oehler, Andreas; Chao, George Goeth-Chi - 2000

Recent research has shown that institutional herding is a relevant phenomenon in stock markets. Do institutional investors also follow each other in bond markets? This paper focuses on the German bond market and uses data from 57 German mutual funds that invest mainly in DM-denominated bonds,...

Persistent link: https://www.econbiz.de/10010296584

Kosten der privaten Altersvorsorge: Private Rentenversicherungen und Fondssparpläne im Vergleich

Westerheide, Peter - 2001

Ansparen in Investmentfonds mit gleicher durchschnittlicher Renditeerwartung vor Kosten, wie sie private Rentenversicherungen … bieten, und den hier unterstellten Kosten für aktienorientierte Investmentfonds aus Kostensicht nicht immer effizient ist …. Sofern aktienorientierte Investmentfonds jedoch im langfristigen Durchschnitt höhere Renditen vor Kosten erwirtschaften …

Persistent link: https://www.econbiz.de/10010297736

Socially Responsible Investments in Germany, Switzerland and the United States: An Analysis of Investment Funds and Indices

Schröder, Michael - 2003

The aim of this study is the analysis of so called socially responsible investments (SRI). First, the performance of SRI equity investment funds and equity indices is investigated using Jensen´s alpha as performance measure. The analysis considers market timing strategies of the fund management...

Persistent link: https://www.econbiz.de/10010298128

Institutional investors in Germany: Insurance companies and investment funds

Maurer, Raimond H. - 2003

This chapter focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of...

Persistent link: https://www.econbiz.de/10010298239

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