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CFR Working Papers, Centre for Financial Research (CFR), Universität Köln >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/41362
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| DC Field | | Value | | Language |
| dc.contributor.author | | Pütz, Alexander | | en_US |
| dc.contributor.author | | Ruenzi, Stefan | | en_US |
| dc.date.accessioned | | 2010-10-28T14:42:31Z | | - |
| dc.date.available | | start=2010-10-28T14:42:31Z; end=2013-02-13 | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/41362 | | - |
| dc.description.abstract | | We 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.iso | | eng | | en_US |
| dc.publisher | | Centre for Financial Research Cologne | | en_US |
| dc.relation.ispartofseries | | CFR Working Paper 08-08 | | en_US |
| dc.subject.jel | | D83 | | en_US |
| dc.subject.jel | | G10 | | en_US |
| dc.subject.jel | | G12 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Professional Investors | | en_US |
| dc.subject.keyword | | Overconfidence | | en_US |
| dc.subject.keyword | | Behavioral Biases | | en_US |
| dc.subject.keyword | | Mutual Funds | | en_US |
| dc.subject.stw | | Institutioneller Anleger | | en_US |
| dc.subject.stw | | Anlageverhalten | | en_US |
| dc.subject.stw | | Beschränkte Rationalität | | en_US |
| dc.subject.stw | | Performance-Messung | | en_US |
| dc.subject.stw | | Investmentfonds | | en_US |
| dc.subject.stw | | USA | | en_US |
| dc.title | | Overconfidence among professional investors: Evidence from mutual fund managers | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 587936975 | | en_US |
| dc.relation.isreplacedby | | http://hdl.handle.net/10419/70117 | | - |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| dc.identifier.repec | | RePEc:zbw:cfrwps:0808 | | - |
| Appears in Collections: | | CFR Working Papers, Centre for Financial Research (CFR), Universität Köln
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