investor groups contribute to the negative performance externality from large outflows. Investment funds, as holders of mutual …-sophisticated ones, are the main receivers. These differences are due to investment funds reacting more strongly on past performance and … displaying a more procyclical investment behavior compared to households and insurers. Our results raise consumer protection and …

. The most cost-efficient measure isan increase in productivity-enhancing public investment. However, it materializesonly in …

Using the Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households’ wealth in fifteen … holds risky assets. The ownership rates of all asset categories generally increase with wealth (and income). The … significance of inheritances for wealth accumulation is remarkable and underlines its key role in the process of persistent wealth …