@TechReport{dp-314,
  author        = {Menkhoff, Lukas and Schmidt, Ulrich},
  astring       = {Lukas Menkhoff and Ulrich Schmidt},
  title         = {The Use of Trading Strategies by Fund Managers: Some First
                  Survey Evidence},
  month         = {April},
  year          = {2005},
  pages         = {25},
  size          = {168},
  number        = {314},
  language      = {en},
  keywords      = {market efficiency, buy-and-hold strategy, momentum
                  trading, contrarian strategy, behavioural finance},
  jelclass      = {G23, G14},
  abstract      = {Our questionnaire survey finds that most fund managers
                  rely on the strategies of buy-and-hold, momentum and
                  contrarian trading. These strategies are typically applied
                  mutually. Their use is rooted in the attributes and beliefs
                  of the respective fund managers: buy-and-hold traders
                  behave fundamentally oriented, risk averse and less
                  (over)confident than others. Momentum traders appear as the
                  least risk averse professionals going aggressively with the
                  trend. Contrarian traders, however, show signs of
                  overconfidence and peculiar risk aversion, both indicating
                  difficulties in successful strategy implementation. The
                  revealed behavioural patterns are not easily reconciled
                  with efficient markets.}
}