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Bonus payments and fund managers' behavior: Trans-Atlantic evidence

Gehrig, Thomas P.; Lütje, Torben; Menkhoff, Lukas - 2008

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...

Persistent link: https://www.econbiz.de/10010275801

The use of technical analysis by fund managers: International evidence

Menkhoff, Lukas - 2010

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

Persistent link: https://www.econbiz.de/10010270396

CEO Incentives and Institutional Trader Monitoring are Substitutes : Theory and Evidence

Chen, Brandon - 2012

The traditional view on CEO pay suggests that the use of equity-based incentives (e.g., stocks and options) should … relative sense, when comparing with CEOs' non-equity-based incentives (e.g., bonus). We confirm our model's prediction to show … that the use of equity-based incentives actually falls when institutional traders impound more information in stock prices …

Persistent link: https://www.econbiz.de/10013116442

Dynamic Incentives for Buy-Side Analysts

Deb, Rahul - 2020

We develop a dynamic adverse selection model where a career-concerned buy-side analyst advises a fund manager about investment decisions. The analyst's ability is privately known, as is any information she learns over time. The manager wants to elicit information to maximize fund performance...

Persistent link: https://www.econbiz.de/10012849367

Will women be women?: analyzing the gender difference among financial experts

Beckmann, Daniela; Menkhoff, Lukas - 2008

There are robust gender differences in the domains of risk taking, overconfidence and competition behavior. However, as expertise tends to level these differences, we ask whether financial experts still show gender dissimilarities in their domains of decision making? We analyze survey responses...

Persistent link: https://www.econbiz.de/10010264941

In Military We Trust : The Effect of Managers' Military Background on Mutual Fund Flows

Cochardt, Alexander Elmar; Heller, Stephan; Orlov, Vitaly - 2020

This paper shows that trust-building characteristics of fund managers affect purchase decisions of mutual fund investors. We exploit variation in fund managers' prior affiliations with the well-trusted U.S. military institution and relate it to fund flows. Results show that funds with...

Persistent link: https://www.econbiz.de/10012850605

Are momentum traders different? Implications for the momentum puzzle

Menkhoff, Lukas - 2010

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. We find that momentum traders are 'defined' by their short-term horizon, by a behavioural view on the market and by a...

Persistent link: https://www.econbiz.de/10010270394

Top Executive Turnovers : Separating Decision and Control Rights

Neumann, Robert; Voetmann, Torben - 2008

This paper examines the relationship between performance and top executive turnovers using a sample of 81 turnovers and matching companies listed on the Copenhagen Stock Exchange. We find that poor market performance increases the probability of management replacements and that forced layoffs...

Persistent link: https://www.econbiz.de/10014219121

Why Do Financial Analysts Strive to Be Irrelevant? Career Concerns and Endogenous Coverage Termination

Navone, Marco A. - 2016

In this paper we investigate the negative relationship between analysts' coverage and stocks idiosyncratic volatility. While prior research argues that analysts cause the low level of idiosyncratic risk because they lack access to firm-specific information we hypothesize that the causal relation...

Persistent link: https://www.econbiz.de/10013004785

On the Managerial Skills of Mutual Fund Managers (Manipulation-Proof Performance Measure)

Qian, Meifen - 2015

The on-going debate over whether fund managers have skills and whether those skills are short-lived is still inconclusive. Using the performance measure that can't be manipulated with respect to the underlying distribution, time variation, nor estimation error, (the manipulation-proof...

Persistent link: https://www.econbiz.de/10013029187