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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
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Bonus Payments and Fund Managers’ Behaviour: Trans-Atlantic Evidence
Gehrig, Thomas; Lütje, Torben; Menkhoff, Lukas - C.E.P.R. Discussion Papers - 2009
This questionnaire survey of fund managers in the United States, Germany and Switzerland documents a distinctly positive influence of bonus payments on investment behaviour 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/10005123741
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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
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The Use of Technical Analysis by Fund Managers: International Evidence
Menkhoff, Lukas - Wirtschaftswissenschaftliche Fakultät, Leibniz … - 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/10008467414
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Do Institutional Incentives Distort Asset Prices?
Lines, Anton - 2016
without direct benchmarking incentives show no effect. My findings cannot be explained by fund flows and thus constitute a new …
Persistent link: https://www.econbiz.de/10012978817
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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
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New Active Blockholders and Adjustment of CEO relative incentive ratios
Nguyen, Lan Phuong; Galpin, Neal; Twite, Garry J. - 2021
We study the emergence of blockholders as an important mechanism that corrects deviations from target CEO relative debt-to-equity incentive ratios. We find that a new active blockholder more likely emerges when a firm deviates from target; deviations fall during the period the blockholder owns...
Persistent link: https://www.econbiz.de/10014361720
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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
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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
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Once a trader, always a trader: The role of traders in fund management
Cici, Gjergji; Schuster, Philipp; Weishaupt, Franziska - 2024
Mutual fund families are increasingly assigning traders to manage corporate bond mutual funds. Using this setting to study the role of traders in investment management, we document that trader managers identify and exploit short-term trading opportunities at lower transaction costs. These skills...
Persistent link: https://www.econbiz.de/10014470145