In this paper we analyze the relation between fund performance and market share. Using three performance measures we first establish that significant differences in the risk-adjusted returns of the funds in the sample exist. Thus, investors may react to past fund performance when making their...

We study a set of German open-end mutual funds for a time period during which this industry emerged from its infancy. In those years, the distribution channel for mutual funds was dominated by the brick-and-mortar retail networks of the large universal banks. Using monthly observations from...

We study a set of German open-end mutual funds for a time period during which this industry emerged from its infancy. In those years, the distribution channel for mutual funds was dominated by the brick-and-mortar retail networks of the large universal banks. Using monthly observations from...

Es werden verschiedene Methoden zur Messung der Risikoeinstellung einzelner Individuen vorgestellt und kritisch diskutiert. Berücksichtigt werden unter anderem Selbsteinschätzungen und experimentell orientierte Verfahren. Die Zusammenstellung wendet sich insbesondere an Wissenschaftler und...

Credit Unions are cooperative financial institutions specializing in the basic financial needs of certain groups of consumers. A distinguishing feature of credit unions is the legal requirement that members share a common bond. This organizing principle recently became the focus of national...

Anhand zweier Samples für große deutsche Aktiengesellschaften wird die Hypothese überprüft, daß die Aktionärsstruktur einen intangiblen Vermögenswert des Unternehmens darstellen kann. Für das 1974er Sample zeigen die Resultate einen positiven Einfluß des Anteilsbesitzes von Banken auf...

Anhand zweier Samples für große deutsche Aktiengesellschaften wird die Hypothese überprüft, daß die Aktionärsstruktur einen intangiblen Vermögenswert des Unternehmens darstellen kann. Für das 1974er Sample zeigen die Resultate einen positiven Einfluß des Anteilsbesitzes von Banken auf...

The paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and...

To ensure the credibility of market discipline induced by bail-in, neither retail investors nor peer banks should appear prominently among the investor base of banks' loss absorbing capital. Empirical evidence on bank-level data provided by the German Federal Financial Supervisory Authority...