This questionnaire survey of fund managers in the United States, Germany and Switzerlanddocuments a distinctly positive influence of bonus payments on investment behavior on bothsides of the Atlantic. Higher bonus payments are significantly related to higher working effortbut not to risk taking....

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...

The G20 summits in 2009 have proposed major changes in governance of the InternationalMonetary Fund (IMF). Most important seems to be the acknowledgment that the IMF in itscurrent form lacks legitimacy and ownership. Accordingly, the G20 suggests a reallocation ofvoting shares to emerging and...

This study validates a survey-based measure of general risk attitude by an incentivecompatible experiment among more than 900 participants in rural Thailand. The surveymeasure of self-assessed risk attitude provides a useful approximation of the experimentallyderived risk attitude. This holds...

This paper examines the relative information shares of the Bund, i.e. the ten-year Euro bondfuture contract on German sovereign debt, versus two futures with shorter maturity. We findthat the Bund is most important but does not dominate price discovery. The other contractsalso have relevant –...

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...

This paper makes three contributions to our understanding of the price discovery process in currencymarkets. First, it provides evidence that this process cannot be the familiar one based on adverse selectionand customer spreads, since such spreads are inversely related to a trade’s likely...

We use a long panel data set for four entry cohorts into an internal labor market toanalyze the effect of age on the probability to participate in different training measures.We find that training participation probabilities are inverted u-shaped with age and thatlonger training measures are...

We consider a recently proposed class of nonlinear time series models and focus mainly onmisspecification testing for models of such type. Following the modeling cycle for nonlineartime series models of specification, estimation and evaluation we first treat how to choosean adequate transition...

In ESTAR models it is usually dfficult to determine parameter estimates, as it can be observedin the literature. We show that the phenomena of getting strongly biased estimators is aconsequence of the so-called identication problem, the problem of properly distinguishing thetransition function...