Extant literature consistently documents that investors tilt their domestic equity portfolios towards regionally close stocks (local bias). We hypothesize that individual investors' local bias is not limited to the domestic sphere but instead also determines their international investment...

Extant literature consistently documents that investors tilt their domestic equity portfolios towards regionally close stocks (local bias). We hypothesize that individual investors’ local bias is not limited to the domestic sphere but instead also determines their international investment...

This study contributes to our understanding of how retail bondholders value familiarity with the issuer. Using a sample of corporate bonds issued by German non-financials and especially marketed to individual investors, we document that – besides product market visibility – three previously...

Abstract—We show that mutual fund managers’ level of narcissism is highly relevant for money management. Supporting the notion that narcissists disregard agreements more often than others, we find that narcissistic fund managers are 34% more likely to deviate from the advertised investment...

Analyzing verbatim interviews, we show that mutual fund managers’ level of narcissism is highly relevant for money management. Supporting the notion that narcissists disregard agreements more often than others, we find that narcissistic fund managers are 34% more likely to deviate from the...

Using a unique data set that contains the complete ownership structure of the German stock market, we study the momentum and contrarian trading of different investor groups. Foreign investors and financial institutions, and especially mutual funds, are momentum traders, whereas private...

Using a unique data set that contains the complete ownership structure of the German stock market, we study the momentum and contrarian trading of different investor groups. Foreign investors and financial institutions, and especially mutual funds, are momentum traders, whereas private...