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    • Publications (2)
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    • Journal Article (1)
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  1. Publication

    Professionalism and Portfolio Biases

    01.01.2008

    The effect of professionalism on investment decisions has been found to be ambiguous. If professional investors exhibit typical portfolio biases of laymen, however, financial markets can hardly be efficient. An examination of this important question...

  2. Publication

    Are All Professional Investors Sophisticated?

    01.11.2010

    Existing empirical evidence is inconclusive on whether professional investors show sophisticated behavior or not, a question which is at the heart of market efficiency. This ambiguous evidence is mostly based on trading data, which necessarily has...

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