Arbeitspapier
Are professional investors sophisticated?
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.
- Language
-
Englisch
- Bibliographic citation
-
Series: Diskussionsbeitrag ; No. 397
- Classification
-
Wirtschaft
Information, Knowledge, and Uncertainty: General
- Subject
-
Institutional investors
investment advisors
individual investors
investment behavior
Anlageverhalten
Finanzanalysten
Institutioneller Anleger
Wertpapieranalyse
Deutschland
- Event
-
Geistige Schöpfung
- (who)
-
Menkhoff, Lukas
Schmeling, Maik
Schmidt, Ulrich
- Event
-
Veröffentlichung
- (who)
-
Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät
- (where)
-
Hannover
- (when)
-
2008
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Menkhoff, Lukas
- Schmeling, Maik
- Schmidt, Ulrich
- Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät
Time of origin
- 2008
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