LTCM war ein Hedgefonds der Superlative. SeinInitiator, John W. Meriwether, sammelte bei derGründung des Fonds Anfang 1994 von 80 Investorendie Rekordsumme von fast 1,3 MilliardenUS-Dollar ein. Dieser Vertrauensvorschuss der„financial community“ dürfte nicht zuletzt aufden Umstand zurück...

"A rare analytical look at the financial crisis using simple analysisThe economic crisis that began in 2008 revealed the numerous problems in our financial system, from the way mortgage loans were produced to the way Wall Street banks leveraged themselves. Curiously enough, however, most of the...

We investigate whether a bank’s performance during the 1998 crisis, which was viewed at the timeas the most dramatic crisis since the Great Depression, predicts its performance during the recentfinancial crisis. One hypothesis is that a bank that has an especially poor experience in a...

Based on a sample of 7,378 firms going public in the 1975-2005 period, we document a significant underperformance of IPO firms over the first year after going public, while there is virtually no underperformance thereafter. Moreover, by decomposing the Carhart-alpha we find that IPO...