"Who do you think of when you imagine a hedge fund manager? A greedy fraudster, a visionary entrepreneur, a wolf of Wall Street? These tropes capture the public imagination of a successful hedge fund manager. But behind the designer suits, helicopter commutes, and illicit pursuits are the...

We study whether fund families efficiently allocate their fund managers to differentmarket segments. Whether a fund manager can generate alpha simultaneouslydepends on her skills, and on the efficiency of the market segment in which she isemployed. We show that in the more efficient investment...

This paper develops a new approach that controls for commonalities in actively managedinvestment fund returns when measuring their performance. It is well-known that manyinvestment funds may systematically load on common priced factors omitted from popularmodels, exhibit similarities in their...

Werner Seifert hat als Chef der Deutschen Börse von 1993 bis 2005 diese durch strukturelleund organisatorische Anpassungsprozesse auf internationale Wettbewerbsfähigkeitausgerichtet. Werner G. Seifert wurde am 4. Juli 1949 in Winterthur geboren. Nach demStudium der Betriebswirtschaft in...

Our questionnaire survey finds that most fund managers rely on the strategies of buy-&-hold, momentum and contrarian trading. These strategies are typically applied mutually. Their use is rooted in the attributes and beliefs of the respective fund managers: buy-&-hold traders behave...

This paper analyzes the behaviour and motivation of fund managers in foreign exchange markets reflected in questionnaire evidence. We find that fund managers and FX dealers differ significantly. Fund managers rely more on fundamentals, basically due to their longer forecasting horizons, and...

This paper finds that fund managers do not expect mean reverting returns, as suggested by theory and empirical evidence, but mean averting returns. The degree of mean aversion is positively related to preferences for non-fundamental information and loss aversion.