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Carlin, Bruce Ian - 2010

We perform an experimental study of complexity to assess its effect on trading behavior, price volatility, liquidity, and trade efficiency. Subjects were asked to deduce the value of a particular asset from information they were given about the composition and price of several portfolios....

Persistent link: https://www.econbiz.de/10013141005

Mirae Asset : Korea's Mutual Fund Pioneer

Khaire, Mukti - 2010

Park Hyeon-Joo, the founder and Chairman of Korea's earliest and largest mutual fund company, plans to expand internationally. After first offering emerging market funds to his Korean customers, the company then began selling local-currency funds in India and Brazil. Now he has to decide his...

Persistent link: https://www.econbiz.de/10013141488

Financial Advisors : A Case of Babysitters?

Hackethal, Andreas - 2010

We use two administrative data sets, from a large internet broker and from a major commercial bank, together with regional data to ask three questions: (i) whether financial advisors tend to be matched with poorer, uninformed investors or with richer, experienced but presumably busy investors;...

Persistent link: https://www.econbiz.de/10013142135

Composition of Wealth, Conditioning Information, and the Cross-Section of Stock Returns

Roussanov, Nikolai L. - 2010

Value stocks covary with aggregate consumption more than growth stocks during periods when financial wealth is low relative to consumption. However, the conditional value premium does not exhibit such countercyclical behavior. Consequently, a one-factor conditional consumption-based asset...

Persistent link: https://www.econbiz.de/10013142287

Rationalizing Trading Frequency and Returns

Bonaparte, Yosef - 2010

Barber and Odean (2000) study the relationship between trading frequency andreturns. They find that households who trade more frequently have a lower net return than other households. But all households have about the same gross return. They argue that these results cannot emerge from a model...

Persistent link: https://www.econbiz.de/10013143172

Can Large Pension Funds Beat the Market? Asset Allocation, Market Timing, Security Selection and the Limits of Liquidity

Andonov, Aleksandar - 2012

, whereas “time series momentum” drives market timing. While larger pension funds have lower investment costs, this does not …

Persistent link: https://www.econbiz.de/10013114431

Investment Taxation and Portfolio Performance

Bergstresser, Daniel - 2012

Taxes have a first-order impact on portfolio returns. Most research mistakenly assumes that portfolios command similar tax burdens, or that tax burdens are proportional to dividend yields. Portfolio strategies differ in the pace of capital gains realization. We use the federal tax codes from...

Persistent link: https://www.econbiz.de/10013116916

Financial Advisors : A Case of Babysitters?

Hackethal, Andreas - 2011

We use two data sets, one from a large brokerage and another from a major bank, to ask: (i) whether financial advisors are more likely to be matched with poorer, uninformed investors or with richer and experienced investors; (ii) how advised accounts actually perform relative to self-managed...

Persistent link: https://www.econbiz.de/10013120808

Are Investors Ever Rational?

Mukherjee, Saptarshi - 2012

Behavioral biases like disposition effect and over-confidence have received much attention as a potential driver of numerous anomalies observed in the markets. Also, it has been argued that information uncertainty tends to exacerbate these biases and induce stronger irrational behavior among...

Persistent link: https://www.econbiz.de/10013099978

Investment Style of Jordanian Mutual Funds

Hacini, Ishaq Lakhdar - 2012

The study investigates the mutual funds investment style in the Jordanian context. It uses monthly returns of five … a variable that account for momentum effect. These factors are used as benchmarks to investigate the investment style …. The results indicate that mutual funds returns tend to follow those of the market portfolio. In terms of investment style …

Persistent link: https://www.econbiz.de/10013100019