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dc.contributor.authorMenkhoff, Lukasen_US
dc.date.accessioned2010-05-28en_US
dc.date.accessioned2010-08-13T12:19:28Z-
dc.date.available2010-08-13T12:19:28Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/38745-
dc.description.abstractThis paper examines the puzzlingly high unexploited momentum returns from a new perspective. We analyze characteristics of momentum traders in a sample of 692 fund managers. We find that momentum traders are 'defined' by their short-term horizon, by a behavioural view on the market and by a somewhat lower degree of risk aversion, whereas they are like other fund managers with respect to sophistication. This is consistent with the interpretation that momentum returns may compensate for the risk of momentum trading on short-term horizons and that the short-term oriented momentum traders are not in a position to perform long-term arbitrage.en_US
dc.language.isoengen_US
dc.publisherWirtschaftswiss. Fak., Leibniz Univ. Hannoveren_US
dc.relation.ispartofseriesDiskussionspapiere der Wirtschaftswissenschaftlichen Fakultät // Wirtschaftswissenschaftliche Fakultät, Leibniz Universität Hannover 448en_US
dc.subject.jelG14en_US
dc.subject.jelG23en_US
dc.subject.jelD85en_US
dc.subject.ddc330en_US
dc.subject.keywordmomentum tradingen_US
dc.subject.keywordmarket efficiencyen_US
dc.subject.keywordbehavioural financeen_US
dc.subject.keywordrisk-
dc.subject.stwInvestmentfondsen_US
dc.subject.stwFührungskräfteen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwWertpapierhandelen_US
dc.subject.stwZeiten_US
dc.subject.stwRisikoaversionen_US
dc.subject.stwWelten_US
dc.titleAre momentum traders different? Implications for the momentum puzzleen_US
dc.typeWorking Paperen_US
dc.identifier.ppn626930383en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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