This paper employs Data Envelopment Analysis to measure for the first time the performance of Greek domestic equity mutual funds over four different one-year horizons and for the whole four-year period. In particular, the model used examines whether fund managers employ inputs (i.e. assets, loads, and risk) efficiently to produce output (returns). The results demonstrate that the efficient fund...

This paper investigates the determinants of public pension plan risk-taking behavior using the percentage of total plan assets invested in the equity markets and the pension asset beta as measures of investment risk. We find that government accounting standards strongly affect public fund investment risk, as higher return assumptions (used to discount pension liabilities) are associated with hi...

The 1991 Credit Lyonnais court ruling expanded the fiduciary duties of managers towards debtholders in near-insolvent Delaware firms. Differences-in-differences tests reveal that innovation efficiency increased among all Delaware firms following the ruling. Further, Delaware firms close to (far from) insolvency reduced (expanded) their R&D expenditures and innovation output. Both sets of firms ...

The decision by firms to offer an occupational pension is investigated with a unique linked employer-employee dataset, supplemented with detailed actuarial calculations of the cost to the firms of offering occupational pensions and constructed tax gains from pension contributions versus cash wage, driven by lower tax on wages than on pensions. The tax gains which can be shared between employers...

The literature nds that investors increase portfolio turnover following high returns, explaining it by either overcon dence or skilled trading. This paper develops a theoretical model and shows empirically that team-managed funds trade less after good performance than single-managed funds. The magnitude of this di erential increases with team size. Moreover, the change from singleto team-manage...

Bank-speci…c determinants of bank failure during the …nancial crisis in Colombia are identi…ed and studied using duration analysis. The process of failure of banks and related …nancial institutions during that period can be explained by di¤erences in …nancial health and prudence across institutions. The capitalization ratio is the most signi…cant indicator explaining bank failure. Increases in ...

In recent years, the economics of migration literature has shown a substantial growth in papers exploring host country impacts beyond the labour market. Specifically, researchers have begun to shift their attention from labour market and fiscal changes, towards exploring what we might call ‘the wider effects of migration’ on the production and consumption sides of the economy – and the role of ...

This study examines the incentives in fund management due to the adoption of speci…c performance measures. A mean-variance measure such as Jensen’s alpha incentivizes fund managers to load negative coskewness risk. This risk is shown to be priced in the UK stock market during the period January 1991December 2005, bearing a premium of 2.09% p.a. Hence, a new performance measure, the intercept of...