This Policy Letter presents a proposal for designing a program of government assistance for firms hurt by the Coronavirus crisis in the European Union (EU). In our recent Policy Letter 81, we introduced a new, equity-type instrument, a cash-against-tax surcharge scheme, bundled across firms and...

Have Italian mutual funds been able to generate "extra-return"? Were some of them able to persistently beat the competitors? In this paper we address these questions and provide a detailed and systematic performance and return persistence analysis of the Italian equity mutual funds. We show...

Ein rationaler Fondsanleger sollte bei seiner Anlageentscheidung alle Informationen über die zukünftig zu erwartende Performance eines Fonds berücksichtigen. Soweit sich also aus historischen Performancedaten eine zuverlässige Prognose der zukünf-tigen Performance schätzen läßt, wäre zu...