Arbeitspapier
The use of technical analysis by fund managers: International evidence
The use of technical analysis by financial market professionals is not well understood. This paper thus analyzes survey evidence from 692 fund managers in five countries, the vast majority of whom rely on technical analysis. At a forecasting horizon of weeks, technical analysis is the most important form of analysis and up to this horizon it is thus more important than fundamental analysis. Technicians are as experienced, as educated, as successful in their career and largely just as overconfident in decision-making as others. However, technical analysis is somewhat more popular in smaller asset management firms. What we find most significant is the relation of technical analysis with the view that prices are heavily determined by psychological influences. Consequently, technicians apply trend-following behavior.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeitrag ; No. 446
- Klassifikation
-
Wirtschaft
Information and Market Efficiency; Event Studies; Insider Trading
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- Thema
-
fund managers
technical analysis
fundamental analysis
personal characteristics
investment behavior
Investmentfonds
Führungskräfte
Anlageverhalten
Wertpapieranalyse
Persönlichkeitspsychologie
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Menkhoff, Lukas
- Ereignis
-
Veröffentlichung
- (wer)
-
Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät
- (wo)
-
Hannover
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
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
- Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät
Entstanden
- 2010
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