This paper investigates the dynamics of the term structure of bond market illiquidity premia. We analyze the comovement of short-, medium-, and long-termilliquidity premia and identify economic factors determining them. Our resultsshow that the term structure of illiquidity premia is U-shaped on...

In this paper we examine intra-firm competition in the mutual fund industry. Our empirical study of the US mutual fund industry shows for the first time that managers within mutual fund families compete against each other. They adjust the risk they take depending on the relative position within...

The relationship between the performance of mutual funds and their subsequent growth is examined. The focus of our paper is on the influence of the position of a fund within its family. So far only the influence of the position of a fund within its segment on its subsequent inflows has been...

Das Capital Asset Pricing Model (CAPM) ist auch heute noch – mehr als vierzig Jahrenach seiner Veröffentlichung durch Sharpe (1964), Lintner (1965) und Mossin (1966) –eines der wichtigsten Modelle der Finanzmarktökonomen. Es liefert Aussagen über dieerwarteten Renditen risikobehafteter...