Are all professional investors sophisticated?

Existing empirical evidence is inconclusive whether professional investors show moresophisticated behavior than individual investors. Therefore, we study two importantgroups of professional investors and compare them to laymen by way of a survey coveringabout 500 investors. We find that some professionals, i.e. institutional investors, behavemore sophisticated than laymen, whereas the less researched investment advisorsseem to do even worse.[...]

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Year of publication:	2009-05-01
Authors:	Menkhoff, Lukas ; Schmeling, Maik ; Schmidt, Ulrich
Institutions:	Universität <Hannover> / Wirtschaftswissenschaftliche Fakultät , 10064362-0
Subject:	Investor \| Kontrolle

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1 Introduction
2 Data
2.1 Data compilation
2.2 Participants’ objective attributes
3 Descriptive information about investors’ behavior
3.1 Measures of sophisticated behavior
3.2 Further control variables
4 Regression analyses
4.1 Methods applied
4.2 Correlates of sophisticated investment behavior
5 Economic significance and robustness
6 Conclusions
References

Persistent link: https://www.econbiz.de/10005867422