Compares four risk‐adjusted performance measures and explains their importance, to banking in particular. Applies the risk‐adjusted return on capital (RAROC) measure to five product classes at several branches of an international bank for six months, finds considerable differences between...

Outlines previous research on the mutual fund industry and compares the characteristics of the US and European mutual fund markets using the structure‐conduct‐performance paradigm. Shows that the European industry is smaller, with more funds and more emphasis on fixed income, with the UK and...