The paper reports experimental data on the behavior in the first-price sealed-bid auction for a varying number of bidders when values and bids are private information. This feedback-free design is proposed for the experimental test of the one-shot game situation. We consider both within-subject...

We estimate the risk and expected returns of private equity using market prices of publicly traded funds of funds holding unlisted private equity funds and publicly traded private equity funds participating directly in private equity transactions. Based on the performance of these two types of...

To protect fund investors against conflicting interests with fund management companies, U.S. mutual funds have mandatory independent directors. That is not the case for funds in Europe, set-up in accordance with the UCITS Directive. Benefitting from the cross-border distribution possibilities of...

Margin requirements are being used to regulate the risks of leveraged positions in financial markets. Violated margin requirements trigger margin calls that lead to automated liquidation of open margin positions. Under controlled laboratory conditions we consider the effect of margin trading...