Risk Consistency and Professional Fund Managers’ Investment Behavior: Questionnaire-based Analysis on Japanese Market*
Masayuki Susai (Nagasaki University)
Hiroshi Moriyasu (Nagasaki University)
3.Empirical Method and Results
In our paper, we divide all respondents into two groups; ‘Risk-inconsistent’ fund managers and ‘risk consistent’ fund managers. We investigate the differences between these two groups in terms of herding and disposition effect. In section 3.1, we define the risk consistent fund manager in detail. This paper’s hypothesis is discussed in section 3.2. We conduct statistical evaluations on the differences between these two groups in section 3.3. In section 3.4, we use an ordered probit model to test our hypothesis, using each fund manager’s background as a control.