This paper shows that Economic Value Added (EVA) can be used to optimize theperformance of european share investements. Investing in the top third relative EVAperformers, leads to a significant outperformance. This is true for market and sektorinvestments. The best results were found for growth...

Most previous research on efficiency in banking takes a regulatory perspective. In contrast,this paper investigates the empirical relation between efficiency and profitability in five largeeconomies of the European Union during the period 1998-2005 and discusses the results fromthe perspective...

Loss Given Default (LGD) is a major element for pricing credits and bonds. As there has beena substantial amount of research during the last years, this paper aims to give an overview.Initially, defaults and recovery definitions for credits and the differences to bonds are discussed.A survey of...

Im Mittelpunkt dieser Arbeit steht die Analyse der Vor- und Nachteile einer geglätte-ten versus aktuellen Informationsbasis in einem theoretischen Modell. Am Beispielstabiler Agency-Ratings und volatiler marktbasierter Ratings zeigt sich, dass die Ef-fekte der Berichtsmethode von den...

Exchange Traded Funds (ETF) were established in Europe in 2000 and have grown to a sizeof over 200 bn US$. Some issuers use a full replication strategy while others prefer a swapbased approach. The ETF are dealt parallelly in the primary and in the secondary market, asnew ETFs can be created at...

This working paper surveys theoretical and empirical work about market liquidityand market liquidity risk. It addresses interested practitioners as well asstudents who want to gain a quick overview about the latest progress in researchin market liquidity.

Today, the investment into indices has become a widely used strategy in portfolio management.While Index Funds and ETFs try to represent the performance of a single index, otherportfolio strategies use indices as portfolio components to concentrate on the allocation task.Because an index cannot...