Diese Arbeit besteht aus drei unabhängigen Aufsätzen, die verschiedene Aspekte der Aktienanalyse sowie die Bedeutung von Aktienanalysten für Kapitalmärkte beleuchten. Im ersten Aufsatz wird das Verhalten von Aktienanalysten im Zusammenhang mit Interessenskonflikten analysiert. Der zweite...

Das erste Paper behandelt den Survivorship Bias bei Aktienfonds. Dieser stellt eine systematische Überschätzung der Performance dar, die entsteht wenn in der Fondsgruppe nur die „Überlebenden“ berücksichtigt werden. Dies ist seit Grinblatt und Titman (1989) bekannt und seitdem in vielen...

The first essay of this dissertation investigates the relationship between downside risk andreturns of real estate investment trusts (REITs) and assesses the performance of real estatemutual funds (REMFs). We measure the asymmetric risk through downside and upside betas andthrough the measures...

In two unrelated papers, we examine different aspects of mutual fund performance and otherissues. In the first chapter, we look at exchange-traded funds (ETFs) and how they differ fromindex funds in performance and tracking error. Using daily data and a more comprehensivesample than past...

Three Essays on Stock Market SeasonalityHyung-Suk Choi136 pagesDirected by Dr. Cheol S. EunIn chapter 1, we examine seasonality in returns to style portfolios, which serve as important benchmarks for asset allocation, and investigate its implications for investment. In doing so, we consider...

The first essay examines how board structure affects manager dismissal decisions in mutual funds. We first find some evidence suggesting that the likelihood of managerial replacement is higher when fund boards are more independent and receive lower levels of compensation. Manager turnover is...

Based on previous evidence that there are information heterogeneities in capital markets, three essays including empirical frameworks for examining the information processes that impact portfolio investments and corporate investments was proposed. The first essay considers information channels...

This paper investigates a dataset that provides information about assets heldby U.S. equity mutual funds, but are not U.S. equities (`unmapped holdings'). Ishow the widespread presence of these assets and investigate how they are usedwithin mutual fund portfolios. I find that their effects are...

University of Minnesota Ph.D. June 2008. Major: Business Administration. Advisors: Alexander, Gordon J., Meschke, Felix, Singh, Rajdeep. 1 computer file (PDF); viii, 101 pages.