Arbeitspapier
The Rise of Fund Managers in Foreign Exchange: Will Fundamentals Ultimately Dominate?
This paper analyzes the behaviour and motivation of fund managers in foreign exchange markets reflected in questionnaire evidence. We find that fund managers and FX dealers differ significantly. Fund managers rely more on fundamentals, basically due to their longer forecasting horizons, and reject non-fundamental influences on exchange rates more than FX dealers. However, neither can fund managers be considered as pure fundamentalists. Non-fundamentalist positions markedly influence short-term decision-making. They inspire ambivalent views about market imperfections and these views seem to become stronger over time. This latter change counterbalances the strengthening fundamental influences resulting from the rise of fund managers.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeitrag ; No. 308
- Klassifikation
-
Wirtschaft
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Foreign Exchange
- Thema
-
foreign exchange
market microstructure
fund management
fundamentals
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gehrig, Thomas P.
Menkhoff, Lukas
- Ereignis
-
Veröffentlichung
- (wer)
-
Universität Hannover, Wirtschaftswissenschaftliche Fakultät
- (wo)
-
Hannover
- (wann)
-
2004
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Gehrig, Thomas P.
- Menkhoff, Lukas
- Universität Hannover, Wirtschaftswissenschaftliche Fakultät
Entstanden
- 2004
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