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.