This paper finds that fund managers do not expect mean reverting returns, as suggested by theory andempirical evidence, but mean averting returns.[...]

survey of fund managers reveals home bias for these sophisticated investorsin an unrestricted setting. Proximity, perceived informational advantage andhigher expected returns are confirmed as accompanying factors. In addition, thehome bias of equity managers is also related to institutional,...

Die Untersuchung basiert auf einer schriftlichen Befragung von Fondsmanagern inÖsterreich. Sie offenbart deren positive Selbsteinschätzung hinsichtlich des beruflichenErfolges, ohne dabei mit exzessiver Überschätzung des eigenen Informationsstandesverbunden zu sein. Das Anlageverhalten der...

Based on a questionnaire survey the paper distinguishes between herdingasset managers who try to be good and non-herding asset managers who try to bebetter than their competitors. It provides evidence for reputational herding anddiscusses herding managers' working effort, preferred sources of...

This paper provides evidence on the hypothesis that many behavioral finance patterns are sodeeply rooted in human behavior that they are difficult to overcome by learning. We test thison a target group which has undoubtedly very strong incentives to learn efficient behavior,i.e. fund managers....

There are robust gender differences in the domains of risk taking, overconfidence and competitionbehavior. However, as expertise tends to level these differences, we ask whether financialexperts still show gender dissimilarities in their domains of decision making? We analyzesurvey responses of...

This study examines profits and speculation in the USD/EUR trading of a bank in Germanyover a four-month period. Dealing activity at the bank generates profits but speculation doesnot seem to contribute to this. We find that speculative positions fail to become profitablewithin a 30-minutes'...

Evidence from credit files is provided to examine bank lending determinants of Thaicommercial banks. Their lending practice follows reasonable patterns as a standardset of variables, including indirect risk variables, explains much of the variance in interestrate spread. Reflecting institutional...

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

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