This paper conducts a comprehensive asset pricing study based on a unique dataset for the German stock market. For the period 1963 to 2006 we show that value characteristics and momentum explain the cross-section of stock returns. Corresponding factor portfolios have significant premiums across...

Purpose – The performance of actively managed mutual funds is largely dependent upon the investment decisions of the fund managers. The purpose of this study is to examine the decision processes in German fund companies and their impact on fund performance. Design/methodology/approach – The...

This paper conducts a comprehensive asset pricing study based on a unique dataset for the German stock market. For the period 1963 to 2006 we show that value characteristics and momentum explain the cross-section of stock returns. Corresponding factor portfolios have significant premiums across...

Purpose – The performance of actively managed mutual funds is largely dependent upon the investment decisions of the fund managers. The purpose of this study is to examine the decision processes in German fund companies and their impact on fund performance. Design/methodology/approach – The...