Unter den jetzigen Rahmenbedingungen halten im Durchschnitt lediglich 12 % der Haushalte der alten bzw. 3 % der Haushalte der neuen Bundesländer Aktien, d.h. dieser Anteil an Haushalten beteiligt sich bereits freiwillig am Produktivvermögen. Um Beteiligungen in größerem Umfang zu...

This paper studies equilibrium portfolio choice and asset returns using a new model of recursive preferences called optimal risk attitude utility. Our model is an extension of recursive expected utility that allows an individual to optimally select her risk aversion parameter in response to the...

This study investigates the degree of co-integration between five major European stock markets and five major non European stock markets. The results show that all five major European stock markets are co-integrated either positively or negatively, while among the five major non European the...

We examine the impact of COVID-19 (C-19) pandemic on global equity markets by constructing novel infection indices. Our results show that the impact of prompt and large-scale policy interventions is ambiguous yet statistically significant. However, in this equivocality, the impact of global...