Asset Pricing Implications of Delegated Portfolio Management and Benchmarking

I owe a debt of gratitude ¯rst and foremost to my supervisor, Prof. Markus Leippold.

From the very beginning of my dissertation, Markus was a demanding and highly

motivating advisor who always believed in the potential value of my research topic.

I thank him for his invaluable support. I am also deeply obliged to Prof. Hans

Geiger, co-supervisor with Prof. Leippold, who gave me the opportunity to work

by his side and bene¯t from the exceptional research network at the Swiss Banking

Institute. I am indebted to Prof. Roger Bey, who invited me to spend a full academic

year at the Finance Department of the University of Tulsa, where I encountered a

very inspiring environment that allowed me to devote a great deal of time on my

research. Furthermore, I thank Florian Eugster for careful proofreading and many

fruitful discussions on the empirical part of the thesis. I thank my brother S

ebastien

Rohner for designing the cover page and Lenore Hietkamp for excellent editorial

assistance. I am also grateful to Blanca who supported me during all stages of the

thesis with so much energy, fortitude and love. Finally, I o®er my gratitude to my

parents Beatrice and Roland Rohner for their continuous encouragement throughout

my life; to them I owe everything I have achieved so far.