THIS IS THE DEV/TESTING WEBSITE IPv4: 18.189.188.15 IPv6: || Country by IP: GB
Close Search Advanced
Journals
Resources
About Us
Open Access
Journals
Resources
About Us
Open Access

Fondsmanagement in Deutschland: Was denken und tun die Akteure?

Fondsmanagement in Deutschland: Was denken und tun die Akteure?
Read Now
Download (PDF)

Year:    2005

Author:    Lütje, Torben, Menkhoff, Lukas

Credit and Capital Markets – Kredit und Kapital, Vol. 38 (2005), Iss. 2 : pp. 285–311

Abstract

This analysis is based on a written enquiry with 263 fund managers in Germany. These professional market actors visualize a marked herd instinct with other fund managers and a clearly psychological influencing of prices. By contrast, fund managers strongly rely on fundamental enterprise and market data as well as on discussions with colleagues and on technical analyses. To that extent, there is a discrepancy between markets deemed to be of poor efficiency and managers’ own rationality. We have identified room for improvement in the following three areas: (i) a herd instinct reflecting conformism at the same time; (ii) substantial value attributed also to non-fundamental information; (iii) application of diverse investment strategies whose conditions basic to success have not in all cases been satisfied.

Journal Article Details

Publisher Name:    Global Science Press

Language:    Multiple languages

DOI:    https://doi.org/10.3790/ccm.38.2.285

Credit and Capital Markets – Kredit und Kapital, Vol. 38 (2005), Iss. 2 : pp. 285–311

Published online:    2005-02

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    27

Author Details

Lütje, Torben

Menkhoff, Lukas

  1. Adami, Manfred (1970): Zur Problematik des Zielsystems von Mutual Funds, Kredit und Kapital, 3, 290-315.  Google Scholar
  2. Arnswald, Torsten (2001): Investment Behaviour of German Equity Fund Managers, An Exploratory Analysis of Survey Data, Deutsche Bundesbank Discussion Paper 08/01, Frankfurt.  Google Scholar
  3. August, Roland/Schiereck, Dirk/Weber, Martin (2000): Momentumstrategien am deutschen Aktienmarkt: Neue empirische Evidenz zur Erklärung des Erfolgs, Kredit und Kapital, 33:2, 198-234.  Google Scholar
  4. Barber, Brad M./Odean, Terrance (2000): Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors, Journal of Finance, 55, 773-806.  Google Scholar
  5. Badrinath, S. G./Wahal, Sunil (2002): Momentum Trading by Institutions, Journal of Finance, 57:6, 2449-2478.  Google Scholar
  6. Bikhchandani, Sushil/Sharma, Sunil (2001): Herd Behavior in Financial Markets: A Review, IMF Staff Papers, 47:3, 279-310.  Google Scholar

Section Title Page Action Price
Torben Lütje/Lukas Menkhoff: Fondsmanagement in Deutschland:\rWas denken und tun die Akteure? 285
I. Problemstellung 285
II. Daten 287
III. Was denken Fondsmanager über das Anlageverhalten ihrer Kollegen? 290
IV. Was sagen Fondsmanager über ihr eigenes Verhalten? 293
1. Anreize 293
2. Informationen 294
3. Entscheidungen 296
V. Welche Verbesserungspotenziale ergeben sich aus den gemachten Angaben? 299
1. Herdenverhalten 299
2. Nicht-fundamentale Informationen 301
3. Investmentstrategien 303
VI. Fazit 305
Literatur 308
Zusammenfassung: Fondsmanagement in Deutschland: Was denken und tun die Akteure? 310
Summary: Fund Management in Germany: What do Market Actors think and do? 310
Résumé: Le management des fonds en Allemagne: que pensent et font les acteurs ? 310