Early warning systems (EWSs) are subject to restrictions that apply to exchange rates in general: fundamentals matter but their influence is small and unstable. Despite this limitation four major lessons emerge: First, EWSs have robust forecasting power and thus help policy-makers to prevent...

This research enters new ground by presenting comparative survey evidence on asset managers' views and behavior in the United States, Germany, Japan and Thailand. Relying on Hofstede's four cultural dimensions, we find that cultural differences are most helpful in understanding country...

There are robust gender differences in the domains of risk taking, overconfidence and competition behavior. However, as expertise tends to level these differences, we ask whether financial experts still show gender dissimilarities in their domains of decision making? We analyze survey responses...

Als Folge der jüngsten gesundheitspolitischen Reformen in Deutschland scheint ein Wan-del in der HIV-Versorgungsstruktur unumgänglich. Vor diesem Hintergrund widmeten sich im November 2008 unterschiedliche Interessenvertreter in einem Workshop der Identifikation und Diskussion zukünftiger...

This paper offers new insights into the Italian mutual fund industry. Surveying Italian professionals, we do not only reveal typical gender differences but also detect divergence to their German counterparts. While disclosing Italian professionals? overly positive self-assessment in general, we...

This work extends earlier survey studies on the use of technical analysis by considering flow analysis as a third form of information production. Moreover the survey covers FX dealers and also the rising fund managers. Technical analysis has gained importance over time and is now the most...

This paper provides questionnaire evidence on the role of flow analysis for professional traders and fund managers. This evidence suggests that besides fundamental information and technical analysis, the analysis of flows provides an independent third type of information for professionals. The...

This paper extends the real interest differential (RID) model of Frankel (1979) by introducing Markov regime switches for three exchange rates over the years 1973 - 2000. Evidence of a non-linear relationship between exchange rates and underlying fundamentals is provided. One of the regimes...

The Tobin tax is in high demand for many groups. Despite its popularity, research has not yet made full use of available insights from the recent microstructure literature. The role of banks in foreign exchange trading is quite different from what proponents usually assume. The most probable...

Empirical research has shown that inexperienced fund managers yield significantly higher returns than their more experienced colleagues. If the portfolios of inexperienced are not more risky, this result would contradict the hypothesis of market efficiency. Therefore, it is an important question...