We investigate the valuation effects of German firms targeted by hedge funds and by private equity investors. We argue that both types of investors differ from other blockholders by their strong motivation and ability to actively engage and reduce agency costs. Consequently, we find positive...

The rise in income levels and expansion of the middle class in ASEAN creates huge potential for the investment trust business, which offers small investors the ability to diversify their investments. Each ASEAN country's investment trust market has different characteristics, however, reflecting...

The contemporaneous growth in ASEAN financial markets over the last two decades raises empirical questions regarding the role of institutional investors in financial market performance. Our study examines the dynamic relationship of aggregate mutual fund flows with market performance variables,...

When investors commit capital to a private equity fund, the money is not immediately invested but is called by the fund manager throughout an investment period of up to five years. This business model allows private equity fund managers to invest the committed capital at their own discretion,...

In this work, we study the strategies driving cross-border sovereign wealth fund (SWF) investments worldwide. In particular, we investigate how SWFs internationalize their activities, studying whether the use of investment vehicles as signal of passive investment approach to access foreign...

Mutual funds are analyzed from a risk management perspective to explain their existence as financial intermediaries. Due to their organizational features, in particular the open-end capitalization and the marked-to-market valuation, mutual funds simultaneously allow for diversi cation, asset...

Das Anlagefondsgeschäft zählt, nicht zuletzt aufgrund der demographischen Entwicklung, zu einem der am stärksten wachsenden Segmente innerhalb der Finanzdienstleistungsindustrie. Dabei ist die zukünftige Entwicklung einerseits durch eine zunehmende Konkurrenzierung durch alternative...