We apply the theoretical framework of Llorente, Michaely, Saar, and Wang (2002) to analyze the relation between daily volume and first-order return autocorrelation for individual stocks in emerging markets.(...)

Der vorliegende Beitrag beschäftigt sich mit der Aufarbeitung der Hintergründe der Subprime-Krisesowie der nachfolgenden internationalen Banken- und Finanzkrisen. Auf dieser Basis werden Vorschlägediskutiert, wie die erkannten Schwachstellen im Finanzsystem repariert bzw. behoben...

This research enters new ground by presenting comparative survey evidence on assetmanagers' views and behavior in the United States, Germany, Japan and Thailand.Relying on Hofstede's four cultural dimensions, we find that cultural differencesare most helpful in understanding country differences...

survey of fund managers reveals home bias for these sophisticated investorsin an unrestricted setting. Proximity, perceived informational advantage andhigher expected returns are confirmed as accompanying factors. In addition, thehome bias of equity managers is also related to institutional,...

Die internationale Gemeinschaft unternimmt seit Jahren erhebliche Anstrengungen, umEntwicklungs- und Schwellenländer auf einen stabilen Wachstumspfad zu führen. Dabei istman zunehmend zu der Erkenntnis gelangt, dass ein wesentlicher Schwerpunkt der Entwicklungszusammenarbeitauf die...

In the past decade, Switzerland has experienced a large increase in the number ofindividuals that went into early retirement. This paper takes a look at the determinants of earlyretirement using data from the 2002 Swiss Labor Force Survey that contains an interestingmodule on this topic...

In this paper, the course-related training of elderly workers in Switzerland isanalysed with data from the Swiss Labour Force Survey. Elderly individuals invest substantialamounts in their human capital via course-related training...

We study the effects of demographic shocks and changes in the pension system on themacroeconomic performance of an advanced small open economy. An overlappinggenerationsmodel is constructed which includes a realistic description of the mortalityprocess. Individual agents choose their optimal...

A deferred annuity typically includes an option-like right for thepolicyholder. At the end of the deferment period, he may either choose toreceive annuity payouts, calculated based on a mortality table agreed to atcontract inception, or receive the accumulated capital as a lump sum.Considering...