The agency dilemma of investment fund management

Kohlert, Daniel; Oehler, Andreas; Wendt, Stefan

doi:10.22495/cocv6i3c2p3

Cited by 2 publications

(1 citation statement)

References 31 publications

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“…140 Considering this, it is no surprise that financial advisors tend to compose very similar portfolios instead of customized portfolios according to households' individual financial situation. 141 The findings above imply that financial intermediaries have a considerable influence on households' portfolio choice and that household portfolios may not be tailor-made. This suggests for the subsequent analyses to investigate whether household portfolios reveal similar portfolio compositions and if they can be grouped into a reasonable number of portfolio types.…”

Section: Neoclassical Financementioning

confidence: 93%

The influence of XTFs on risk and return of households’ investment portfolios

Wanger¹

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In this doctoral thesis, XTFs are considered as plain-vanilla Exchange Traded Funds which pursue a passive investment approach and replicate a broad, internationally diversified market index. The thesis pursues two research goals. First, to investigate whether XTFs enhance risk and return of household portfolios when taking multiple relevant asset classes into account – not only stocks. Second, to examine whether employing XTFs in household portfolios is reasonable when including practical constraints and risk measures that reflect households’ actual investment situation and interpretation of risk more closely compared to previous literature. To meet these research goals, three empirical analyses are conducted. The analyses are built on the foundations of neoclassical finance theory, new institutional economics, market microstructure theory, financial intermediation, as well as behavioral finance and economics. For the empirical investigations, two data sets of the German central bank (Deutsche Bundesbank) are combined: The Panel on Household Finances-survey and the Securities Holdings Statistics-base. The thesis ends by discussing the empirical analyses' results, possible limitations to the findings' generalizability, and implications for different stakeholders.

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Section: Neoclassical Financementioning

confidence: 93%