Latest documents http://publikationen.ub.uni-frankfurt.de/index/index/ Wed, 25 May 2005 16:35:02 +0200 Wed, 25 May 2005 16:35:02 +0200 http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4564 Es werden verschiedene Methoden zur Messung der Risikoeinstellung einzelner Individuen vorgestellt und kritisch diskutiert. Berücksichtigt werden unter anderem Selbsteinschätzungen und experimentell orientierte Verfahren. Die Zusammenstellung wendet sich insbesondere an Wissenschaftler und Praktiker, die nach anwendbaren Verfahren zur Risikoeinstellungsmessung suchen. Jan Pieter Krahnen; Christian Rieck; Erik Theissen workingpaper http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4564 Wed, 25 May 2005 16:35:02 +0200 http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4570 In this paper we analyze the relation between fund performance and market share. Using three performance measures we first establish that significant differences in the risk-adjusted returns of the funds in the sample exist. Thus, investors may react to past fund performance when making their investment decisions. We estimated a model relating past performance to changes in market share and found that past performance has a significant positive effect on market share. The results of a specification test indicate that investors react to risk-adjusted returns rather than to raw returns. This suggests that investors may be more sophisticated than is often assumed. Klassifikation: G11, G23. First version - May 1997 Jan Pieter Krahnen; Frank A. Schmid; Erik Theissen workingpaper http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4570 Wed, 25 May 2005 15:48:21 +0200