This questionnaire survey of fund managers in the United States, Germany and Switzerland documents a distinctly positive influence of bonus payments on investment behavior on both sides of the Atlantic. Higher bonus payments are significantly related to higher working effort but not to risk...

This questionnaire survey of fund managers in the United States, Germany and Switzerland documents a distinctly positive influence of bonus payments on investment behavior on both sides of the Atlantic. Higher bonus payments are significantly related to higher working effort but not to risk...

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 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,...

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,...

Die Untersuchung basiert auf einer schriftlichen Befragung von 263 Fondsmanagern in Deutschland. Diese professionellen Marktakteure sehen ausgeprägtes Herdenverhalten bei anderen Fondsmanagern und deutliche psychologische Einflüsse auf die Preisbildung. Im Kontrast dazu vertrauen Fondsmanager...

A survey of fund managers reveals home bias for these sophisticated investors in an unrestricted setting. Proximity, perceived informational advantage and higher expected returns are confirmed as accompanying factors. In addition, the home bias of equity managers is also related to...

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

Die Untersuchung basiert auf einer schriftlichen Befragung von Fondsmanagern in Österreich. Sie offenbart deren positive Selbsteinschätzung hinsichtlich des beruflichen Erfolges, ohne dabei mit exzessiver Überschätzung des eigenen Informationsstandes verbunden zu sein. Das Anlageverhalten...

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.