Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten?
Year: 2001
Author: Menkhoff, Lukas
Credit and Capital Markets – Kredit und Kapital, Vol. 34 (2001), Iss. 3 : pp. 418–454
Abstract
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.
Journal Article Details
Publisher Name: Global Science Press
Language: Multiple languages
DOI: https://doi.org/10.3790/ccm.34.3.418
Credit and Capital Markets – Kredit und Kapital, Vol. 34 (2001), Iss. 3 : pp. 418–454
Published online: 2001-03
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 37
Author Details
-
Ackermann, Carl/McEnally, Richard/Ravenscraft, David (1999): The Performance of Hedge Funds: Risk, Return, and Incentives, Journal of Finance, 54:3, 833-874.
Google Scholar -
Baker, Mae (1998): Fund Managers’ Attitudes to Risk and Time Horizons: The Effect of Performance Benchmarking, European Journal of Finance, 4:3, 257-278.
Google Scholar -
Barber, Brad M./Odean, Terrance (2000): Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors, Journal of Finance, 55:2, 773-806.
Google Scholar -
Benartzi, Shlomo/Thaler, Richard H. (1995): Myopic Loss Aversion and the Equity Premium Puzzle, Quarterly Journal of Economics, 110, 75-92.
Google Scholar -
Bikhchandani, Sushil/Sharma, Sunil (2000): Herd Behavior in Financial Markets: A Review, IMF Working Paper, WP/00/48.
Google Scholar