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  1. Investment behaviour of German equity fund managers
    an exploratory analysis of survey data
    Author: Arnswald, Torsten
    Published: 2001
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    Location:
    Freie Universität Berlin, Universitätsbibliothek
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    Humboldt-Universität zu Berlin, Universitätsbibliothek, Jacob-und-Wilhelm-Grimm-Zentrum
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    TU Berlin, Universitätsbibliothek
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    Brandenburgische Technische Universität Cottbus - Senftenberg, Universitätsbibliothek
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    Universität Potsdam, Universitätsbibliothek
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    Source: Philologische Bibliothek, FU Berlin
    Language: English
    Media type: Book
    ISBN: 3933747716
    RVK Categories: QB 910 ; QK 530
    Series: Volkswirtschaftliches Forschungszentrum <Frankfurt, Main>: Discussion paper ; 2001,8
    Subjects: Anlagepolitik; Umfrage; Aktienfonds
    Scope: 80 S., graph. Darst.
  2. Investment behaviour of German equity fund managers
    an exploratory analysis of survey data
    Author: Arnswald, Torsten
    Published: 2001
    Publisher:  Dt. Bundesbank, Economic Research Centre, Frankfurt am Main

    In order to shed light on the "black boxʺ of institutional equity investing in a systematic manner, I conducted a broadly based questionnaire which received a large response from German mutual fund companies. The survey asked fund managers for their... more

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    Universitätsbibliothek Braunschweig
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    3489-3746
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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    2001 4 018642
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    K 2001 B 2269
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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Mag7563
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    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
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    01 B 763
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    QK 530 A767 51904
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    Universitätsbibliothek Kiel, Zentralbibliothek
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    WP 6-2001/8
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 935 (01.08)
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    Universität Konstanz, Kommunikations-, Informations-, Medienzentrum (KIM)
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    wrc 10.06:i/d29-2001,8
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    Universitätsbibliothek Leipzig
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    02-4129/01,8
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    Universitätsbibliothek Mannheim
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    300 QK 530 A767
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    Universitätsbibliothek Mannheim
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    QD 2152
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    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
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    95/1194 - 08,01
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    Universität Potsdam, Universitätsbibliothek
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    00002860
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    Saarländische Universitäts- und Landesbibliothek
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    4 75-5793
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    Universität des Saarlandes, Wirtschaftswissenschaftliche Seminarbibliothek, Volkswirtschaftliche Abteilung
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    Kommunikations-, Informations- und Medienzentrum der Universität Hohenheim
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    4463/104
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    Fachbibliothek Wirtschaftswissenschaft, Bibliothek
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    Pr CVIIc 256
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    In order to shed light on the "black boxʺ of institutional equity investing in a systematic manner, I conducted a broadly based questionnaire which received a large response from German mutual fund companies. The survey asked fund managers for their basic views and practices and for insights into their company's performance-measurement and compensation incentives. It was possible to identify three core types of investors, labelled fundamentalists, tacticians and methodologists, in the data on investment behaviour. Common to all types is the primary aim of achieving above-average returns on investment with due allowance being made for sluggishness in the reaction of market prices to new information. Another universal feature of institutional equity investing turns out to be a heavy reliance on information sources which offer a means of confirmation and through which the contagions of fear and exuberance may be transmitted. In general fund managers exhibit a pronounced preference for "winner-typeʺ and "spotlightʺ stocks as well. All investor groups recognise, in the first instance, underlying economic information as a source of superior value. However, a potential for exaggerated market dynamics is suggested by the fact that the mere arrival of news from corporations or analysts' earnings revisions is generally thought to impart as strong a market impulse as the perceived mispricing of stocks relative to the market or sector as such. Furthermore, those who appear to be best suited to conduct fundamental arbitrage are nevertheless likely to be constrained, to a significant extent, by time horizons and the fear of market movements. Besides investment focus and basic attitudes towards market efficiency, agency problems are shown to have a bearing on equity fund managers' investment behaviour.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    ISBN: 3933747716
    RVK Categories: QB 910 ; QK 530
    Series: Discussion paper / Economic Research Centre of the Deutsche Bundesbank ; 2001,8
    Subjects: Institutioneller Investor; Aktienfonds; Anlageverhalten; Portfolio-Management; Strategie; Deutschland
    Scope: 80 S., graph. Darst., 30 cm
    Notes:

    Literaturverz. S. 71 - 77

    Zsfassung in engl. u. dt. Sprache