Arbeitspapier
Overconfidence among professional investors: Evidence from mutual fund managers
We examine overconfidence among equity mutual fund managers. While overconfidence has been extensively documented among retail investors, evidence from professional investors is scarce. Consistent with theories of overconfidence, we find that fund managers trade more after good past performance. The higher trading activity after good performance is driven by individual portfolio performance, while the market performance has no significant impact. We rule out some alternative explanations for our results like increased trading as a response to tournament incentives, as a response to inflows, or as a rational reaction due to managerial learning about abilities.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFR Working Paper ; No. 08-08 [rev.]
- Klassifikation
-
Wirtschaft
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
General Financial Markets: General (includes Measurement and Data)
Asset Pricing; Trading Volume; Bond Interest Rates
- Thema
-
professional investors
overconfidence
behavioral biases
mutual funds
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Pütz, Alexander
Ruenzi, Stefan
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Cologne, Centre for Financial Research (CFR)
- (wo)
-
Cologne
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Pütz, Alexander
- Ruenzi, Stefan
- University of Cologne, Centre for Financial Research (CFR)
Entstanden
- 2010
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