58 29) is a doctoral candidate at the University of St.Gallen and works for Wegelin & Co. Private Bankers. The authors are grateful to Hanspeter Wohlwend, Vadim Safranov, Jan Mart in Rous, Sven Wiedmer, the participants of the “Topics in Finance”-seminar at the University of St.Gallen, and the anonymous referees for their valuable comments