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...

Dieser Beitrag beschäftigt sich mit den Theoriebeiträgen der Fundamentaldatenanalyse, der Effizienzmarkthypothese und der Behavioral Finance. Die Fundamentaldatenanaly-se bietet einzelnen Investoren eine leistungsfähige Heuristik, wie sie auf volatilen Märk-ten ihre Spielzüge optimieren...

This paper studies the flow-performance relationship of three different investor groups in mutual funds: Households, financial corporations, and insurance companies and pension funds, establishing the following findings: Financial corporations have a strong tendency to chase past performance and...

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...

In order to shed light on the "black box" of institutional equity investing in a systematic manner, I conducted a broadly based questionnaire which received a large response from German mutual fund companies. The survey asked fund managers for their basic views and practices and for insights...

This paper offers a quantitative description of European private equity markets and compares the recent development in these markets with the development of the US venture capital market. Moreover, the paper addresses the differences between private equity investors acting in a single national...

Using a unique data set on German banks' sector specific loan exposures to the real economy and the corresponding write-offs and write-downs, we examine the impact of loan portfolio sector concentration on credit risk. By controlling for common risk factors, we separate the bank-specific...