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dc.contributor.authorMenkhoff, Lukasen
dc.date.accessioned2010-05-28-
dc.date.accessioned2010-08-13T12:19:28Z-
dc.date.available2010-08-13T12:19:28Z-
dc.date.issued2010-
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
dc.language.isoengen
dc.publisher|aLeibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät |cHannoveren
dc.relation.ispartofseries|aDiskussionsbeitrag |x448en
dc.subject.jelG14en
dc.subject.jelG23en
dc.subject.jelD85en
dc.subject.ddc330en
dc.subject.keywordmomentum tradingen
dc.subject.keywordmarket efficiencyen
dc.subject.keywordbehavioural financeen
dc.subject.keywordrisken
dc.subject.stwInvestmentfondsen
dc.subject.stwFührungskräfteen
dc.subject.stwAnlageverhaltenen
dc.subject.stwWertpapierhandelen
dc.subject.stwZeiten
dc.subject.stwRisikoaversionen
dc.subject.stwWelten
dc.titleAre momentum traders different? Implications for the momentum puzzle-
dc.type|aWorking Paperen
dc.identifier.ppn626930383en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:han:dpaper:dp-448en

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