Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/22421
Authors: 
Stotz, Olaf
Lütje, Torben
Menkhoff, Lukas
von Nitzsch, Rüdiger
Year of Publication: 
2004
Series/Report no.: 
Diskussionspapiere des Fachbereichs Wirtschaftswissenschaften, Universität Hannover 309
Abstract: 
This paper finds that fund managers do not expect mean reverting returns, as suggested by theory and empirical evidence, but mean averting returns. The degree of mean aversion is positively related to preferences for non-fundamental information and loss aversion.
Subjects: 
Mean aversion
return expectations
non-fundamental information
loss aversion
JEL: 
G14
G12
Document Type: 
Working Paper

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