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

Series:

Marina Nikiforow

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.

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Annex 149

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Annex: Questionnaire International Survey in Professional Asset Management By answering this questionnaire you are supporting an academic research project, which fo- cuses on the personal viewpoints, perceptions and investment behavior of professional asset managers. Please fill in this questionnaire and send it to (address and email) by (deadline). We would kindly ask you to answer the following questions completely and truthfully. This data will be kept in strictest confidence and anonymity. Besides, we will provide the results of our analysis to you on request. Gender: Male Female Marital status: Single Married Other How old are you? 50 Professional experience in asset management (in years): 15 Average working hours per week: 60 Average period of data procurement and research: Hours per week Educational level: Non-academic education Academic education Current position within your company: Junior Asset Manager Senior Asset Manager Head of AM team CIO / CEO Average bonus you receive in addition to your fixed salary: % Type of managed fund: Mutual fund Restricted / special / pension fund Major investment segment: Equities Bonds Money market Your company’s total volume of assets under management (in billion of $): 100 Your personal responsibility for assets under management (in million of $): 10,000 Personal Data Annex: Questionnaire 150 Do you get a share participation option plan / stock option programme? Yes No If you receive a performance-based remuneration, which criteria determine the size of that bonus? Absolute fund performance Relative fund performance Business development of the investment company Subjective assessment by superiors and colleagues...

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