survey of fund managers reveals home bias for these sophisticated investorsin an unrestricted setting. Proximity, perceived informational advantage andhigher expected returns are confirmed as accompanying factors. In addition, thehome bias of equity managers is also related to institutional,...

Zur Bewertung von Investitionsprojekten mit mehrperiodigen Zahlungenk¨onnen die erwarteten Zahlungen mit geeigneten Kapitalkostendiskontiert werden. Die Kapitalkosten werden in der Regel als die erwarteteeinperiodige Rendite der Investition bestimmt, wobei häufigauf Kapitalmarktmodelle wie das...

Increasing costs of most healthcare systems result in (major) financing problemsand thus are the focus of many empirical inquiries. Researchers have found thatmismanagement is often a consequence of misplaced incentives. This paper tries tooutline some cases in which the demand side of...

The rational prodigality argument, which often serves to justify social security,is considered in a second-best tax framework with endogenous labor supply. Rationalprodigality renders the familiar policies time inconsistent. We analyze time consistentpolicies and show that a wage tax suffices to...

Empirical research has shown that inexperienced fund managers yield significantly higherreturns than their more experienced colleagues. If the portfolios of inexperienced are not morerisky, this result would contradict the hypothesis of market efficiency. Therefore, it is animportant question...