We study asset management decisions of three competing student managed funds in Vienna Austria for a 10 year period. This real-world experience allows us to precisely test the tournament effect of fund management, the disposition effect and managerial team size. We find support for risk taking...

This paper presents a novel approach to asset class allocation which builds upon macroeconomic factors. Without doubt the financial returns of asset classes are interlinked with the economy. However, it is not clear how to bring the finance and economy world together within a portfolio's asset...

The recent empirical literature concludes that characteristics such as value and momentum explain and predict the cross-sectional dispersion of asset returns fairly well. I extend this evidence to Emerging Markets assets by analyzing a comprehensive data set consisting of sovereign bonds...