Are professional fund managers less likely to sell winners? Evaluating how attention allocation impacts behavioural biases

IF 1.7 Q3 MANAGEMENT

IIMB Management Review Pub Date : 2022-03-01 DOI:10.1016/j.iimb.2022.04.001

Kamran Quddus , Ashok Banerjee

引用次数: 0

Abstract

Using monthly fund-level portfolio holdings data on Indian equity mutual funds, we explore the predictable patterns in the trading biases of fund managers induced by changing attention allocation patterns. In an emerging market setting, we investigate the tendency of fund managers to sell winners and increase their exposure to losing stocks. Their biases are examined during two states of economic cycles. We adjust for random choice probability while selecting funds for reasons unrelated to the disposition effect. Our research contributes to the relatively nascent psychology-based asset pricing literature by examining fund managers’ psychology concerning financial decision-making.

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专业基金经理是否不太可能卖出获利股?评估注意力分配如何影响行为偏差

利用印度股票型共同基金的月度基金级投资组合持有量数据，我们探讨了基金经理在注意力分配模式变化下的交易偏差的可预测模式。在新兴市场背景下，我们研究了基金经理卖出盈利股票并增加亏损股票敞口的倾向。他们的偏见在两种经济周期状态下进行了检验。在选择基金时，我们根据与处置效应无关的原因调整随机选择概率。我们的研究通过考察基金经理在财务决策方面的心理，为相对新兴的基于心理的资产定价文献做出了贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

IIMB Management Review MANAGEMENT-

CiteScore

3.20

自引率

5.90%

发文量

审稿时长

68 days

期刊介绍： IIMB Management Review (IMR) is a quarterly journal brought out by the Indian Institute of Management Bangalore. Addressed to management practitioners, researchers and academics, IMR aims to engage rigorously with practices, concepts and ideas in the field of management, with an emphasis on providing managerial insights, in a reader friendly format. To this end IMR invites manuscripts that provide novel managerial insights in any of the core business functions. The manuscript should be rigorous, that is, the findings should be supported by either empirical data or a well-justified theoretical model, and well written. While these two requirements are necessary for acceptance, they do not guarantee acceptance. The sole criterion for publication is contribution to the extant management literature.Although all manuscripts are welcome, our special emphasis is on papers that focus on emerging economies throughout the world. Such papers may either improve our understanding of markets in such economies through novel analyses or build models by taking into account the special characteristics of such economies to provide guidance to managers.