Applied researchers often test for the difference of the variance of two investment strategies;in particular, when the investment strategies under consideration aim to implementthe global minimum variance portfolio. A popular tool to this end is the F-test for theequality of variances....

1992 veröffentlichten Kaplan und Norton in der Harvard Business Review ihren grundlegenden Artikel zur Balanced Scorecard (BSC). Seitdem macht ihr Ansatz als neuartiges Kennzahlen- und Managementsystem von sich Reden. Eine der wichtigsten Funktionen der BSC ist die klare Vermittlung der...

Ein zentrales personalwirtschaftliches Steuerungselement im Reformprozess öffentlicher Organisationen ist der verstärkte Einsatz materieller Anreizsysteme. Die Vergabe von Leistungszulagen hat jedoch Leistungsbeurteilungen zur Voraussetzung. Der Bericht diskutiert Anforderungen an Instrumente...

We examine the risk-adjusted performance of open-end mutual funds which invest mainly inGerman stocks. After briefly discussing the institutional environment in which these fundsoperate, we focus on the benchmark problem and the risk adjustment problem. Our data setincludes all German funds sold...

This contribution discusses a number of ideas for using a shareholder value approach to the problems of risk-adjusted performance measurement and the issue of capital allocation. We demonstrate that, if shareholder value is to be consistently maximised, then not only the total amount of equity...

Non-financial performance measures are often used for performance evaluation.They are especially relevant if the available financial performance measures notcompletely reflect the manager’s contribution to the firm’s total value. Then,non-financial performance measures serve as an indicator...