This paper investigates the purchases and redemptions of a large cross-sectional sample of German equity funds. We find that investors punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large fund families show higher sales and redemption...

Mit der Einführung von automatisierten Handelssystemen stehen Investoren vor der Wahl, entweder Investitionen weiterhin manuell durchzuführen oder einen Teil der Entscheidungsgewalt an Computerprogramme abzugeben. Die vorliegende Arbeit widmet sich der Frage, welche Auswirkungen die Nutzung...

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...

We present evidence from a repeated survey on risky asset holdings carried out on a representative sample of the German population six times between April and June 2020. Given the size of the Covid-19 shock, we find little evidence of portfolio rebalancing in April 2020. In May, however,...