We examine a certain class of new financial instruments which are designed aslotteries on the outcome of prominent sports events like the Soccer World Cup 2006. We areable to explain why there might be a positive demand for such sports-related financialinstruments even if we take riskless...

The requirement of existing utility with positive first derivative only makes it pos-sible to derive a restricted two-fund separation theorem for portfolio selection problems withHARA utility replacing the original separation theorem of Cass and Stiglitz (1970). We useour findings for a brief...

We consider investors with mean-variance-skewness preferences who aim at select-ing one out of F different funds and combining it optimally with the riskless asset and directstock holdings. Direct stock holdings are either exogenously or endogenously determined. Inour theoretical section, we...

Using a hand-collected sample of contracts and investment proposals from German venturecapital financing relationships, we analyze specific incentive conflicts. We apply indirect anddirect measures of these problems and extend the “direct” approach by Kaplan and Strömberg(2004) to a four-...

Der Rolle der Finanzfunktion in Unternehmen kommt in den letzten Jahren stetig steigendeBedeutung zu, der Finanzvorstand avanciert zum wichtigsten Ratgeber des Vorstandsvorsit-zenden.1 Als Auslöser für eine derartige Finance Transformation, das heißt die strategischePositionierung und...

Using a hand-collected sample of contracts and investment proposals from German venturecapital (VC) financing relationships, we find that experienced and or private law/independentVC firms rely to a lesser degree on debt financing and more on certain covenants in VC con-tracting even when we...

In this paper the relation between aggregate mutual fund flows and stock market returns isanalysed with respect to three issues. First, we study the relation between fund flows andlong-term realized returns (past, current and future). Second, we find out that fund flows arenot driven by...

Dieser Beitrag untersucht die Position von Venture Capital-Gesellschaften im jeweili-gen Syndizierungsnetzwerk und analysiert den Zusammenhang zwischen der Netz-werkposition der einzelnen Unternehmen und der Quantität und der Qualität der Investi-tionsgelegenheiten, die ihnen zur Verfügung...

We apply cumulative prospect theory and hedonic framing to evaluate discountreverse convertibles (DRCs) and reverse convertible bonds (RCBs) as important examples ofstructured products from a boundedly rational investor’s point of view. While commonexpected utility theory would also conclude...

Immer wieder kann man beobachten, dass Menschen gleichzeitig Versicherungsverträge ab-schließen und an Lotterien teilnehmen. Gemein haben Versicherungsverträge und Lotterien,dass man aus diesen Transaktionen als Versicherungsnehmer bzw. Lotterieteilnehmer im Mit-tel, genauer: im...