5. Fund managers’ investment behavior in different market settings: Evidence from Russia, Thailand, and Germany 85
5 Fund managers’ investment behavior in different market settings: Evidence from Russia, Thailand, and Germany63 5.1 Introduction The global expansion of the asset management industry is reflected in its huge capital inflows and growing numbers of asset management companies. Meanwhile, this applies not only to developed, but also to emerging markets. Thus, fund managers of mutual or pension funds manage steadily growing volumes of assets, which underpins the influence of their asset allocation decisions on securities markets (cf. Ong and Sy, 2004). The notable research interest on institutional investors during the past two decades has been motivated by these actors’ increasing relevance not only for domestic markets, but also worldwide. They have become important contributors to the financial market integration, thereby also bringing destabilization risks to emerging markets during recent crises, i.e. international mutual funds’ large withdrawals from emerging regions (Aitken, 1998, Kaminsky et al., 2001, Gelos and Wei, 2005). Most studies on institutional investors concentrate on aggregated fund flow analyses by investigating mutual fund performance, strategies and price impact.64 Thereby, findings also indicate 63 I would like to thank my co-author Daniela Beckmann. We are grateful to all the fund managers in Russia, Thailand, and Germany who participated in the survey and who were available as interview partners. Besides, financial support by the VolkswagenStif- tung is highly appreciated. Moreover, we thank the Russian National League of Asset Managers “NLU”, the Thai Association of Investment Management Companies “AIMC”, and the German Investment Association “BVI” for great recommendation let- ters and...
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