Die inhaltlichen Schwerpunkte der Festschrift für Prof. Dr. Manfred Steiner liegen in den Bereichen Finanzielle Unternehmensführung und Shareholder Value, Unternehmensbewertung sowie Kreditwürdigkeitsprüfung und Rating. Darüber hinaus sind Beiträge zu Finanzinnovationen, zum...

In the three-factor model of Fama and French (1993), portfolio returns are explained by the factors Small Minus Big (SMB) and High Minus Low (HML) which capture returns related to firm capitalization (size) and the book-to-market ratio (B/M). In the standard approach of the model, both the test...

We study the effect of the home bias on international asset pricing by extending the core-satellite approach of active asset allocation to an equilibrium analysis. In this framework, investors combine a common core portfolio with an active investment in their home asset. In equilibrium, the core...

Although several types of options on multiple assets are popular in today's financial markets, valuing multi-asset options is still a challenge in finance. The standard framework of multivariate normality is often inappropriate, since it ignores fat tails and other stylized facts of asset...