Are professional investors sophisticated?

Bibliographic Details
Authors and Corporations: Menkhoff, Lukas, Schmeling, Maik, Schmidt, Ulrich
Title: Are professional investors sophisticated? Lukas Menkhoff; Maik Schmeling ; Ulrich Schmidt
published:
Apr. 2008
Physical Description:Online-Ressource, 32 S., Text; graph. Darst.
Part of: Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät ; 397
Summary:Existing empirical evidence is inconclusive on whether professional investors show sophisticated behavior or not, a question which is at the heart of market efficiency. This ambiguous evidence is mostly based on trading data or laboratory evidence, which each has its limitations. We complement these approaches by conducting a survey of 500 investors, including several measures of sophistication, three relevant groups of investors and essential control variables. We find that both professional investors and laymen do indeed show unsophisticated investment behavior on aggregate. Furthermore, while some professional investors - institutional investors - behave at least more sophisticated than laymen, other professionals - investment advisors - seem to do even worse. -- Institutional investors ; investment advisors c; individual investors ; investment behavior
Type of Resource:E-Book
Source:Verbunddaten SWB
Lizenzfreie Online-Ressourcen
Language: English