Asset management is a global business spreading from developed financial centers to emerging
and transition markets. Empirical analyses of professional investors' investment processes are
justified not only by their key role in the traditional finance theory as rational agents
contributing to market efficiency but also by the behavioral finance finding evidence on
irrational biases in their investment behavior. This study provides survey evidence on views
and investment behavior of 772 fund managers from 274 investment companies in the USA Germany
Thailand Russia and Ukraine. New insights are gained on the persistency of behavioral biases.
Cross-country comparisons shed light on fund managers' information processing and investment
behavior in different institutional market settings.
