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Fondsmanagement in Deutschland: Was denken und tun die Akteure?

Lütje, Torben; Menkhoff, Lukas - In: Kredit und Kapital 38 (2005) 2, pp. 285-311

Marktakteure sehen ausgeprägtes Herdenverhalten bei anderen Fondsmanagern und deutliche psychologische Einflüsse auf die … Märkten und eigener Rationalität. Verbesserungspotenziale identifizieren wir in drei Bereichen: (i) Herdenverhalten, das …

Persistent link: https://www.econbiz.de/10014524447

How do prediction market fees affect prices and participants?

Whelan, Karl - 2023

The CFTC has recently licensed a commercial prediction market to operate in the US. Previous theoretical work has not incorporated that prediction markets charge fees. We examine the impact of fees by introducing them to a model in which the market price equals the true probability when there...

Persistent link: https://www.econbiz.de/10014540453

A review of the Bank of Canada's market operations related to COVID-19

Johnson, Grahame - 2023

The economic lockdowns that began in March 2020 in response to the COVID-19 pandemic led to an unparalleled level of financial market disruption. Investors sought liquidity by selling financial assets and drawing down loans and credit lines. The speed, scale and one-way nature of these...

Persistent link: https://www.econbiz.de/10014541756

Outages in sovereign bond markets

Kerssenfischer, Mark; Helmus, Caspar - 2024

We use outages as natural experiments to study sovereign bond market functioning. When the euro area futures market goes down, trading activity on the cash market declines, liquidity evaporates, and transaction prices deviate from fundamental values. Tracing back this macro-level market...

Persistent link: https://www.econbiz.de/10014565166

Information and market power in DeFi intermediation

Azar, Pablo; Casillas, Adrian; Farboodi, Maryam - 2024

The decentralized nature of blockchain markets has given rise to a complex and highly heterogeneous market structure, gaining increasing importance as traditional and decentralized (DeFi) finance become more interconnected. This paper introduces the DeFi intermediation chain and provides...

Persistent link: https://www.econbiz.de/10014581738

Risk management, rational herding and institutional investors : a macro view

Menkhoff, Lukas; Lütje, Torben - 2003

Makroperspektive und fokussiert dabei die vorliegenden Anreize für rationales Herdenverhalten. In einer schriftlichen Befragung … professioneller Fondsmanager in Deutschland finden wir klare Hinweise für Herdenverhalten. Während alle unterschiedenen Gruppen der … Fondsmanager institutionelles Herdenverhalten wahrnehmen, nehmen es Fondsmanager in Leitungspositionen deutlich stärker wahr als …

Persistent link: https://www.econbiz.de/10010262912

The use of momentum, contrarian and buy-&-hold strategies: survey evidence from fund managers

Schmidt, Ulrich; Menkhoff, Lukas; Brozynski, Torsten - 2003

by younger and less experienced professionals. Moreover, contrarian traders show signs of overconfidence, disposition …

Persistent link: https://www.econbiz.de/10010262917

To Be Good or To Be Better: Asset Managers' Attitudes Towards Herding

Lütje, Torben - 2004

Based on a questionnaire survey the paper distinguishes between herding asset managers who try to be good and non-herding asset managers who try to be better than their competitors. It provides evidence for reputational herding and discusses herding managers' working effort, preferred sources of...

Persistent link: https://www.econbiz.de/10010262923

The Use of Trading Strategies by Fund Managers: Some First Survey Evidence

Menkhoff, Lukas; Schmidt, Ulrich - 2005

signs of overconfidence and peculiar risk aversion, both indicating difficulties in successful strategy implementation. The …

Persistent link: https://www.econbiz.de/10010262935

Does Culture Influence Asset Managers? Views and Behavior?

Beckmann, Daniela; Menkhoff, Lukas - 2007

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

Persistent link: https://www.econbiz.de/10010262981