Essays on International Asset Management: Evidence for Developed West and Emerging East

Asset management is a global business, spreading from developed financial centers to emerging and transition markets. Empirical analyses of professional investors' investment processes are justified not only by their key role in the traditional finance theory, as rational agents contributing to market efficiency, but also by the behavioral finance, finding evidence on irrational biases in their investment behavior. This study provides survey evidence on views and investment behavior of 772 fund managers from 274 investment companies in the USA, Germany, Thailand, Russia and Ukraine. New insights are gained on the persistency of behavioral biases. Cross-country comparisons shed light on fund managers' information processing and investment behavior in different institutional market settings.

Autorentext

Marina Nikiforow, born in 1980, studied Economics and Business Administration at the Leibniz Universität Hannover (LUH). After having obtained her diploma in 2006, she worked as a research and teaching assistant at the Institute for Money and International Finance at the LUH. She received her PhD in Economics in 2010.

Inhalt
Contents: Persistency of behavioral finance biases among professional investors Effect of training on behavioral finance on fund managers' perception and behavior Fund managers' information processing and investment behavior in the developed West and the emerging East Exchange rate exposure of Central and Eastern European exporting firms.