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dc.contributor.authorPütz, Alexanderen_US
dc.contributor.authorRuenzi, Stefanen_US
dc.date.accessioned2010-10-28T14:42:31Z-
dc.date.availablestart=2010-10-28T14:42:31Z; end=2013-02-13-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/41362-
dc.description.abstractWe examine overconfidence among equity mutual fund managers. While overconfidence has been extensively documented among retail investors, evidence from professional investors is scarce. Consistent with theories of overconfidence, we find that fund managers trade more after good past performance. The higher trading activity after good performance is driven by individual portfolio performance, while the market performance has no significant impact. We find no spillover effects from one good performing fund on the turnover ratios of the other funds the same manager manages, suggesting that managerial overconfidence is task-specific. Our results are not consistent with an increase in trading activity by fund managers when rational Bayesian learning has informed them about their abilities.en_US
dc.language.isoengen_US
dc.publisherCentre for Financial Research Cologneen_US
dc.relation.ispartofseriesCFR Working Paper 08-08en_US
dc.subject.jelD83en_US
dc.subject.jelG10en_US
dc.subject.jelG12en_US
dc.subject.ddc330en_US
dc.subject.keywordProfessional Investorsen_US
dc.subject.keywordOverconfidenceen_US
dc.subject.keywordBehavioral Biasesen_US
dc.subject.keywordMutual Fundsen_US
dc.subject.stwInstitutioneller Anlegeren_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwBeschränkte Rationalitäten_US
dc.subject.stwPerformance-Messungen_US
dc.subject.stwInvestmentfondsen_US
dc.subject.stwUSAen_US
dc.titleOverconfidence among professional investors: Evidence from mutual fund managersen_US
dc.typeWorking Paperen_US
dc.identifier.ppn587936975en_US
dc.relation.isreplacedbyhttp://hdl.handle.net/10419/70117-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cfrwps:0808-
Appears in Collections:CFR Working Papers, Centre for Financial Research (CFR), Universität Köln

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