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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeitrag ; No. 397
- Klassifikation
-
Wirtschaft
Information, Knowledge, and Uncertainty: General
- Thema
-
Institutional investors
investment advisors
individual investors
investment behavior
Anlageverhalten
Finanzanalysten
Institutioneller Anleger
Wertpapieranalyse
Deutschland
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Menkhoff, Lukas
Schmeling, Maik
Schmidt, Ulrich
- Ereignis
-
Veröffentlichung
- (wer)
-
Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät
- (wo)
-
Hannover
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Menkhoff, Lukas
- Schmeling, Maik
- Schmidt, Ulrich
- Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät
Entstanden
- 2008
Ähnliche Objekte (12)
The Use of Trading Strategies by Fund Managers: Some First Survey Evidence
Overconfidence, experience, and professionalism: An experimental study
The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence
The use of momentum, contrarian and buy-&-hold strategies: survey evidence from fund managers
Coupled lotteries: A new method to analyze inequality aversion
Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten?
Cheating and corruption: Evidence from a household survey
Allais for the poor
Corruption and cheating: Evidence from rural Thailand
Allais for the poor: Relations to ability, information processing and risk attitudes
Kreditinstitutsgröße, Offenmarktpolitik und Wettbewerbsneutralität: Ergebnisse einer schriftlichen Befragung
Inflationsgefahr durch Überschreiten von Geldmengenzielen?
The Use of Trading Strategies by Fund Managers: Some First Survey Evidence
Overconfidence, experience, and professionalism: An experimental study
The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence
The use of momentum, contrarian and buy-&-hold strategies: survey evidence from fund managers
Coupled lotteries: A new method to analyze inequality aversion
Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten?
Cheating and corruption: Evidence from a household survey
Allais for the poor
Corruption and cheating: Evidence from rural Thailand
Allais for the poor: Relations to ability, information processing and risk attitudes
Kreditinstitutsgröße, Offenmarktpolitik und Wettbewerbsneutralität: Ergebnisse einer schriftlichen Befragung
Inflationsgefahr durch Überschreiten von Geldmengenzielen?
The Use of Trading Strategies by Fund Managers: Some First Survey Evidence
Overconfidence, experience, and professionalism: An experimental study
The Impact of Experience on Risk Taking, Overconfidence, and Herding of Fund Managers: Complementary Survey Evidence
The use of momentum, contrarian and buy-&-hold strategies: survey evidence from fund managers
Coupled lotteries: A new method to analyze inequality aversion
Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten?
Cheating and corruption: Evidence from a household survey
Allais for the poor
Corruption and cheating: Evidence from rural Thailand
Allais for the poor: Relations to ability, information processing and risk attitudes
Kreditinstitutsgröße, Offenmarktpolitik und Wettbewerbsneutralität: Ergebnisse einer schriftlichen Befragung