To explain the underperformance of one and the superperformance of the other, analysts identify possible structural and philosophical causes, to do with an underlying sense of authenticity conferred by the fans' part-ownership of Bundesliga clubs and the strategic planning evident in the emphasis placed in Germany on the education of coaches.
Overall, school ownership cannot explain the underperformance of either group of immigrant students (Table 9, panels b and c).
It is even less successful in explaining the underperformance of immigrant students from Latin America (panels b and c).
However, this does not explain the unexpectedly large gap between basically similar asset classes, nor does it explain the underperformance of VCs relative to public equity markets.
Large differences can be seen on all three figures, indicating that many context-dependent substitution rates are in fact lineage-dependent, which may explain the underperformance of the coupled root distribution approach.
The primary interest throughout is whether, where, when and why ethnic minority students underperform relative to white students, and the extent to which any differences might explain the underperformance of medical students from ethnic minorities.
And back in January of 2008 Steve Waldman made the case for eliminating the debt bias by explaining why the underperformance of debt-laden companies is more destructive to the system than the underperformance of equity-financed companies.
The high cost of health insurance and the underperformance of pension investments over the last decade explain the difference between average public versus private compensation.
Your long-term record is stellar, but what explains the fund's underperformance over the three- and five-year periods.
Yet racism and violence in its domestic league are a serious concern, as is the underperformance of their own side.
