Thomas Piketty, Autor des Weltbestsellers Das Kapital im 21. Jahrhundert gibt hier eine Einführung in die wirtschaftlichen Zusammenhänge hinter dem Phänomen der ungleichen Einkommensverteilung. Kurz und prägnant erklärt er, wie Ungleichheit entsteht, wie Ökonomen sie messen, in welchem...

This paper provides the first empirical test of the diversification of opinions theory and the group shift theory using real business data. Our data set covers management teams and single managers of US equity mutual funds. Our results reject the group shift theory and support the...

This paper uses the concept of the Posterior Cram ́er-Rao bound to analyze the limitations faced when estimating hedge fund exposures from return data. The methodology allows to asses the achievable accuracy of exposure estimates without actually computing them and comparing them to actual...

We analyse the links between soccer match results, betting odds and stock returns of all listed European soccer teams. Using an event-study approach, we measure positive (negative) abnormal returns following wins (ties and losses). Additionally, we analyse the role, which we find to be...