This paper evaluates numerous diversification strategies as a possible remedy against widespread costly investment mistakes of individual investors. Our results reveal that a very broad range of simple heuristic allocation schemes offers similar diversification gains as well-established or...

Previous research indicates that a lack of financial sophistication might explain the past strong growth in active management. We construct an objective financial literacy score and analyze the relation between financial literacy and mutual fund investment behavior. We show that there is a...

We test the abilities of the Stiftung Warentest fund rating system to predict future fund performance among German registered funds for six equity categories: Germany, Euro-Zone, Europe, North-America, Pacific, and World. Stiftung Warentest is a consumer protection agency and a major provider...

Hier erläutern Finanzwissenschaftler und Professoren/Professorin anhand eines Lebenszyklusmodells wie sparen und entsparen gestaltet werden können. Dabei legen sie theoretischen Überlegungen und Ergebnisse aus Forschung und Wissenschaft zugrunde, die dem Privatanleger die letztendlich...