An exchange-traded fund (ETF) is a marketable security that tracks a stock index, a commodity, bonds, or a basket of assets. Therefore, returns of ETFs that track a benchmark index portfolio should mimic the returns of their benchmark indexes. If a benchmark index’s performance exhibits a...

The literature provides broad evidence for the seasonality of stock market returns, but is very scarce regarding the potential seasonality of investment funds performance. Using a sample of 5349 Equity Europe or Equity Eurozone investment funds, this article contributes to fill this gap by...

During the recent sovereign debt crisis, the European Banking Authority conducted two stress tests on European banks in order to gauge their capital needs, core Tier-1 ratios and ratios of resilience to adverse shocks. We assess the informational content of the disclosure of the stress test...