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    <title>EconStor Community: Graduiertenkolleg "Kapitalmärkte und Finanzwirtschaft im erweiterten Europa"</title>
    <link>http://hdl.handle.net/10419/101</link>
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  <item rdf:about="http://hdl.handle.net/10419/22113">
    <title>Political Orientation of Government and Stock Market Returns</title>
    <link>http://hdl.handle.net/10419/22113</link>
    <description>Title: Political Orientation of Government and Stock Market Returns
&lt;br/&gt;
&lt;br/&gt;Authors: Bialkowski, Jedrzej; Gottschalk, Katrin; Wisniewski, Tomasz Piotr
&lt;br/&gt;
&lt;br/&gt;Abstract: Prior research documented that U.S. stock prices tend to grow faster during Democratic administrations than during Republican administrations. This letter examines whether stock returns in other countries also depend on the political orientation of the incumbents. An analysis of 24 stock markets and 173 different governments reveals that there are no statistically significant differences in returns between left-wing and right-wing executives. Consequently, international investment strategies based on the political orientation of countries' leadership are likely to be futile.</description>
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  <item rdf:about="http://hdl.handle.net/10419/22112">
    <title>Allocative efficiency measurement revisited: Do we really need input prices?</title>
    <link>http://hdl.handle.net/10419/22112</link>
    <description>Title: Allocative efficiency measurement revisited: Do we really need input prices?
&lt;br/&gt;
&lt;br/&gt;Authors: Badunenko, Oleg; Fritsch, Michael; Stephan, Andreas
&lt;br/&gt;
&lt;br/&gt;Abstract: The traditional approach to measuring allocative efficiency is based on input prices, which are rarely known at the firm level. This paper proposes a new approach to measure allocative efficiency which is based on the output-oriented distance to the frontier in a profit?technical efficiency space-and which does not require information on input prices. To validate the new approach, we perform a Monte-Carlo experiment which provides evidence that the estimates of the new and the traditional approach are highly correlated. Finally, as an illustration, we apply the new approach to a sample of about 900 enterprises from the chemical industry in Germany.</description>
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  <item rdf:about="http://hdl.handle.net/10419/22110">
    <title>Multiple Priors And No-Transaction Region</title>
    <link>http://hdl.handle.net/10419/22110</link>
    <description>Title: Multiple Priors And No-Transaction Region
&lt;br/&gt;
&lt;br/&gt;Authors: Kozhan, Roman
&lt;br/&gt;
&lt;br/&gt;Abstract: We study single period asset allocation problems of the investor who maximizes the expected utility with respect to non-additive beliefs. The non-additive beliefs of the investor model the presence of an uncertainty and they are assumed to be consistent with the Maxmin expected utility theory of Gilboa and Schmeidler (1989). The proportional transaction costs are incorporated into the model. We provide the explicit form solutions for the bounds of no-transaction regions which completely determine the optimal policy of the investor.</description>
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  <item rdf:about="http://hdl.handle.net/10419/22111">
    <title>Institutional investors and stock market efficiency: The case of the January anomaly</title>
    <link>http://hdl.handle.net/10419/22111</link>
    <description>Title: Institutional investors and stock market efficiency: The case of the January anomaly
&lt;br/&gt;
&lt;br/&gt;Authors: Bohl, Martin T.; Gottschalk, Katrin; Henke, Harald; Pál, Rozália
&lt;br/&gt;
&lt;br/&gt;Abstract: In this paper, we investigate the effect of institutional investors on the January stock market anomaly. The Polish and Hungarian pension system reforms and the associated increase in investment activities of pension funds are used as a unique institutional characteristic to provide evidence on the impact of individual versus institutional investors on the January effect. We find robust empirical results that the increase in institutional ownership has reduced the magnitude of an anomalous January effect induced by individual investors' trading behavior.</description>
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