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Diskussionspapiere, Wirtschaftswissenschaftliche Fakultät, Universität Hannover >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/22426
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| Title: | | The Use of Trading Strategies by Fund Managers: Some First Survey Evidence  |
| Authors: | | Menkhoff, Lukas Schmidt, Ulrich |
| Issue Date: | | 2005 |
| Series/Report no.: | | Diskussionspapiere des Fachbereichs Wirtschaftswissenschaften, Universität Hannover 314 |
| Abstract: | | Our questionnaire survey finds that most fund managers rely on the strategies of buy-&-hold, momentum and contrarian trading. These strategies are typically applied mutually. Their use is rooted in the attributes and beliefs of the respective fund managers: buy-&-hold traders behave fundamentally oriented, risk averse and less (over)confident than others. Momentum traders appear as the least risk averse professionals going aggressively with the trend. Contrarian traders, however, show signs of overconfidence and peculiar risk aversion, both indicating difficulties in successful strategy implementation. The revealed behavioural patterns are not easily reconciled with efficient markets. |
| Subjects: | | market efficiency buy-&-hold strategy momentum trading contrarian strategy behavioural finance |
| JEL: | | G14 G23 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Economists Online Diskussionspapiere, Wirtschaftswissenschaftliche Fakultät, Universität Hannover
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