Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/293444 
Authors: 
Year of Publication: 
2001
Citation: 
[Journal:] Kredit und Kapital [ISSN:] 0023-4591 [Volume:] 34 [Issue:] 3 [Year:] 2001 [Pages:] 418-454
Publisher: 
Duncker & Humblot, Berlin
Abstract: 
Dieses Papier untersucht die Unterschiede im Anlageverhalten zwischen Privatanlegern und institutionellen Investoren. Dazu werden vorhandene empirische Untersuchungen so ausgewertet, daß sie sich Elementen des Anlageprozesses zuordnen lassen. Für Privatanleger zeigt sich eine gravierende Beeinträchtigung ihrer Bruttorendite durch hohe Risiken und Transaktionskosten. Im Kontrast dazu treten die erwarteten Spezialisierungsvorteile von Institutionellen deutlich hervor. Allerdings unterliegen institutionelle Investoren eigenen Agency-Problemen, die ihre Anlageperformance behindern. Dies mag erklären, warum Institutionelle meist schlechter als die Marktentwicklung abschneiden. Insofern dürfte die bessere Anlageperformance institutioneller Investoren gegenüber Privatanlegern nicht auf die Umsetzung überlegenen Wissens, sondern auf breitere Diversifikation und niedrigere Transaktionskosten zurückzuführen sein. (JEL Gill, G23)
Abstract (Translated): 
Private investors delegating to institutional investors: Does this mean progress in investment behaviour? This paper analyses differences in the investment behaviour of private as distinct from institutional investors. To this end, existing empirical studies have been evaluated in a manner permitting such differences to be allocated to elements of the investment process. For private investors, a grave drawback has been identified in respect of the gross yield on account of high risks and high transaction costs. This contrasts clearly with advantages for institutional investors that are to be expected to arise from their specialisation. However, institutional investors are subject to specific agency problems hindering their investment performance. This may explain why the performance of institutional investors falls mostly short of market developments. To that extent, it is to be suspected that the superior investment performance recorded by institutional compared with the private investors is not to be explained by the superior know-how of the former, but by greater diversification and lower transactions costs.
JEL: 
Gill
G23
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article

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