Short-Term Horizons in Foreign Exchange? Survey Evidence from Dealers and Fund Managers
The paper examines the extent and determinants of short-term horizons in taking open positions using a questionnaire mailed to professional foreign exchange market participants in Germany. The findings reveal that the absolute anticipation horizon is short, but not necessarily short-termist. Another related but empirically different measure is proposed, based on the relative length of different horizons; its use clearly shows widespread restrictions in relation to optimal behavior. No determinants in personal characteristics were established for either empirical measure; rather the institutional environment was found to be an influence. Thus professionals may adapt rationally to their incentive structure, which works towards short-term horizons in position taking. Copyright 2001 by WWZ and Helbing & Lichtenhahn Verlag AG
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Volume (Year): 54 (2001)
Issue (Month): 1 ()
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