Similar Search Results

Vergütung von Managern deutscher Aktienfonds: Höhe, Struktur,Determinanten und Anreizwirkungen

Drachter, Kerstin; Kempf, Alexander - Centre for Financial Research <Köln> - 2010

In dieser Arbeit untersuchen wir Höhe und Struktur der Vergütung von Fondsmanagern underklären diese durch Eigenschaften des Arbeitnehmers, des Arbeitgebers und desArbeitsplatzes. Die Vergütungshöhe hängt primär von der Bedeutung des Arbeitsplatzes imUnternehmen ab, die...

Persistent link: https://www.econbiz.de/10009302645

Is a Team Different from the Sum of its Parts?Evidence from Mutual Fund Managers

Bär, Michaela; Kempf, Alexander; Ruenzi, Stefan - Centre for Financial Research <Köln> - 2010

familycharacteristics as well as manager characteristics. Additionally, teams exhibit a lower active shareand lower risk levels, driven by a … lower level of idiosyncratic risk, as compared to single managedfunds. …

Persistent link: https://www.econbiz.de/10009284845

Are There Disadvantaged Clienteles inMutual Funds?

Jank, Stephan - Centre for Financial Research <Köln> - 2011

This paper studies the flow-performance relationship of three di®erent investorgroups in mutual funds: Households, financial corporations, and insurance compa-nies and pension funds, establishing the following findings: Financial corporationshave a strong tendency to chase past performance and...

Persistent link: https://www.econbiz.de/10009302610

Purchase and Redemption Decisions of Mutual Fund Investors and the Role of Fund Families

Jank, Stephan; Wedow, Michael - Centre for Financial Research <Köln> - 2011

This paper investigates the purchases and redemptions of a large cross-sectionalsample of German equity funds. We find that investors punish bad performance byselling their shares, but also have a tendency to sell winners. Investors in large fundfamilies show higher sales and redemption rates....

Persistent link: https://www.econbiz.de/10009302625

The Influence of Buy-Side Analysts on Mutual Fund Trading

Frey, Stefan; Herbst, Patrick - Centre for Financial Research <Köln> - 2010

We present evidence of the impact of buy-side analysts on the behavior and performanceof fund managers. Using data provided by a large global asset manager,we relate buy-side analysts’ recommendations to fund transactions on a daily basis.Our results show that buy-side analysts have a...

Persistent link: https://www.econbiz.de/10009302628

Risk and Return in Convertible Arbitrage: Evidence from the Convertible Bond Market

Agarwal, Vikas; Fung, William; Loon, Yee Cheng; Naik, … - Centre for Financial Research <Köln> - 2011

-and-hedge strategy involving taking a longposition in convertible bonds (“CBs”) while hedging the equity risk alone explains a … involved in adjustingthe stock of risk capital managed by a large fund can negatively impact performance when thesupply of CBs … intermediation role of funding CB issuers whilstdistributing part of the equity risk of CBs to the equity market. …

Persistent link: https://www.econbiz.de/10009284854

Caught in the Act:How Hedge Funds Manipulate their Equity Positions

Cici, Gjergji; Kempf, Alexander; Puetz, Alexander - Centre for Financial Research <Köln> - 2011

Using 13F position valuations, we show that hedge fund advisors intentionallymismark their stock positions. We document manipulation even after eliminatingissues inherent in the pricing of illiquid securities. The documented mismarking isrelated to hedge fund incentives. Mismarking is more...

Persistent link: https://www.econbiz.de/10009302622

Overconfidence among Professional Investors: Evidence from Mutual Fund Managers

Pütz, Alexander; Ruenzi, Stefan - Centre for Financial Research <Köln> - 2010

We examine overconfidence among equity mutual fund managers. While overconfidencehas been extensively documented among retail investors, evidence fromprofessional investors is scarce. Consistent with theories of overconfidence, we findthat fund managers trade more after good past performance....

Persistent link: https://www.econbiz.de/10009284853

On the Use of Options by Mutual Funds:Do They Know What They Are Doing?

Cici, Gjergji; Palacios, Luis-Felipe - Centre for Financial Research <Köln> - 2011

portfolio performance and risk. Options users underperform nonusers bytwo to three percent per year. The underperformance is … in the options market. Additional analysis suggests that active hedging or riskneutralstrategies, rather than active risk …

Persistent link: https://www.econbiz.de/10009284866

Window Dressing in Mutual Funds

Agarwal, Vikas; Gay, Gerald D.; Ling, Leng - Centre for Financial Research <Köln> - 2011

This paper introduces two measures to investigate potential window-dressing behavior amongmutual fund managers. We show that unskilled managers that perform poorly are more likely towindow dress by strategically purchasing winner stocks and selling loser stocks near quarterends. Further, funds...

Persistent link: https://www.econbiz.de/10009284867