ISSN:
1467-6435
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Sociology
,
Economics
Notes:
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 instituional environment was found to be an influence. Thus, professionals may adept rationally to their incentive structure, which works towards short-term horizons in position taking.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/1467-6435.00139
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