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Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten?

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Menkhoff, L. Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten?. Credit and Capital Markets – Kredit und Kapital, 34(3), 418-454. https://doi.org/10.3790/ccm.34.3.418
Menkhoff, Lukas "Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten?" Credit and Capital Markets – Kredit und Kapital 34.3, 2001, 418-454. https://doi.org/10.3790/ccm.34.3.418
Menkhoff, Lukas (2001): Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten?, in: Credit and Capital Markets – Kredit und Kapital, vol. 34, iss. 3, 418-454, [online] https://doi.org/10.3790/ccm.34.3.418

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Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten?

Menkhoff, Lukas

Credit and Capital Markets – Kredit und Kapital, Vol. 34 (2001), Iss. 3 : pp. 418–454

1 Citations (CrossRef)

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Article Details

Author Details

Lukas Menkhoff, Hannover

Cited By

  1. Corporate control and relationship finance by banks or by non-bank institutional investors? A review within the theory of the firm

    Andreani, Ettore

    Neuberger, Doris

    Corporate Ownership and Control, Vol. 3 (2006), Iss. 3 P.9

    https://doi.org/10.22495/cocv3i3p1 [Citations: 0]

References

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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.

Table of Contents

Section Title Page Action Price
Lukas Menkhoff: Privatanleger delegieren an institutionelle Investoren:\rBringt dies Fortschritte im Anlageverhalten? 418
I. Problemstellung 418
II. Der Anlageprozeß als analytisches Muster für Anlageverhalten 420
III. Charakteristika des Typus Privatanleger 423
1. Überblick zu Studien über Privatanleger 423
2. Ziele der Finanzanlage 424
3. Aufwand und Arten der Informationsbeschaffung 426
4. Bewertung von Informationen 428
5. Anlageentscheidung 429
6. Anlageperformance von Privatanlegern 431
IV. Charakteristika des Typus institutioneller Investor 434
1. Überblick zu Studien über institutionelle Investoren 434
2. Ziele der Finanzanlage 435
3. Aufwand und Arten der Informationsbeschaffung 438
4. Bewertung von Informationen 439
5. Anlageentscheidung 439
a) Auswahl bevorzugter Aktien 440
b) Home Bias 441
c) Kurzfristorientierung 441
d) Anlagestrategien 442
e) Herdenverhalten 444
6. Anlageperformance von institutionellen Investoren 446
a) Durchschnittliche Performance 446
b) Performance von Pensions- versus Publikumsfonds 447
c) Der Performancebeitrag von Tradingaktivitáten 447
d) Persistenz von Performanceunterschieden 448
V. Vergleich des Anlageverhaltens beider Gruppen 449
Literatur 451
Zusammenfassung: Privatanleger delegieren an institutionelle Investoren: Bringt dies Fortschritte im Anlageverhalten? 453
Summary: Private investors delegating to institutional investors: Does this mean progress in investment behaviour? 453
Résumé: Le fait que les placeurs privés délèguent à des investisseurs institutionnels: entraîne-t-il des progrès dans le comportement d'investissement? 454