In der wirtschaftswissenschaftlichen Literatur wird das ökonomische Potenzial von Immobilienverzehrprodukten vielseitig diskutiert. Obwohl diesen Produkten aus wohlfahrts-theoretischen Gesichtspunkten eine hohe Bedeutung beigemessen wird, zeigt die empirische Evidenz, dass die Nachfrage weit...

In der wirtschaftswissenschaftlichen Literatur wird das ökonomische Potenzial von Immobilienverzehrprodukten vielseitig diskutiert. Obwohl diesen Produkten aus wohlfahrts-theoretischen Gesichtspunkten eine hohe Bedeutung beigemessen wird, zeigt die empirische Evidenz, dass die Nachfrage weit...

We examine impediments to liquidity provision by mutual funds to insurance companies during corporate bond fire sales. We find that financial regulation and limited capital capacity significantly affect liquidity provision. Mutual funds reduced their purchase of fire sale bonds following...

To increase understanding of the real world of the fund manager, the authors apply principles from emotional finance. They report their findings from analysing in-depth interviews of 52 traditional and quantitative-oriented equity managers. In particular, they examine the importance of...

This paper empirically investigates the performance of market-timing strategies effectively used by investors in Emerging Markets (EMs). We identify short-term determinants of mutual fund flows into EM equity and fixed income, finding a well-established flow-performance relation. Hence, we...

U.S. equity mutual funds, on average, prefer realization of capital losses to capital gains. Nevertheless, a substantial fraction exhibits the disposition effect of realizing gains more readily than losses. My analysis suggests that learning effects have reduced the manifestation of the...

There are three fundamental ways of testing the validity of an investment algorithm against historical evidence: a) the walk-forward method; b) the resampling method; and c) the Monte Carlo method. By far the most common approach followed among academics and practitioners is the walk-forward...

The majority of active Asian equity strategies claim to derive their value addition by focussing their skill on security selection. We investigate if empirically this is the most appropriate area for an active Asian manager to focus on, in comparison to focussing on asset allocation as the...

We examine the effect of the bond capital supply uncertainty of institutional investors (e.g., mutual bond funds and insurance companies) on the leverage of the firm using a novel dataset. Our main finding is that the supply uncertainty of the firm's bond investor base — measured as (i) the...

Financial economists writing about financial adverting often describe them as fluff at best and misleading or fraudulent at worst. This description typifies the first generation of behavioral finance that described people as irrational, misled by ads into cognitive and emotional errors. The...