The use of technical analysis by financial market professionals is not well understood. Thispaper thus analyzes survey evidence from 692 fund managers in five countries, the vast majorityof whom rely on technical analysis. At a forecasting horizon of weeks, technical analysis isthe most...

This paper examines the puzzlingly high unexploited momentum returns from a new perspective.We analyze characteristics of momentum traders in a sample of 692 fund managers. Wefind that momentum traders are “defined” by their short-term horizon, by a behavioural viewon the market and by a...

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

This paper offers new insights into the Italian mutual fund industry. Surveying Italian professionals, we do notonly reveal typical gender differences but also detect divergence to their German counterparts. While disclosingItalian professionals’ overly positive self-assessment in general, we...

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...

This paper analyzes the behaviour and motivation of fund managers in foreign exchangemarkets reflected in questionnaire evidence. We find that fund managers andFX dealers differ significantly. Fund managers rely more on fundamentals, basicallydue to their longer forecasting horizons, and reject...

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...

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,...

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