Table of contents -- 1. Introduction 1 -- 1.1 Motivation and contribution of this dissertation 1 -- 1.2 Outline 4 -- 2. Professionals' endorsement of behavioral finance: Does it impact their perception of markets and themselves? 9 -- 2.1 Introduction 9 -- 2.2 Data 11 -- 2.3 Views on market's behavior 16 -- 2.3.1 Motivation 16 -- 2.3.2 Results 17 -- 2.4 Views on one's own behavior 19 -- 2.4.1 Motivation 19 -- 2.4.2 Results 22 -- 2.5 Consequence on investment behavior 25 -- 2.6 Conclusion 28 -- 3. Does training on behavioral finance influence fund managers' perception and behavior? 31 -- 3.1 Introduction 31 -- 3.2 Data 33 -- 3.3 Formation of comparison groups 35 -- 3.3.1 "Trained" versus "Untrained" fund managers 35 -- 3.3.2 "Trained experts" versus "Untrained experts" 36 -- 3.3.3 "Trained and BF integrated" versus "Trained and BF not integrated" 38 -- 3.4 Trained fund mangers' perception of markets and their self-assessment 39 -- 3.4.1 Perception of markets 39 -- 3.4.2 Self-assessment 42 -- 3.5 Consequences on the investment behavior 47 -- 3.6 Conclusion 51 -- 4. Fund managers' information processing in the developed West and the emerging Eastern Europe 53 -- 4.1 Introduction 53 -- 4.2 Data 56 -- 4.3 On information transparency and efficiency in Russia and Ukraine 58 -- 4.4 Evidence on market settings in developed markets (DM) and transition markets (TM) 60 -- 4.4.1 Motivation 60 -- 4.4.2 Results 63 -- 4.5 Evidence on information processing in DM and TM 65 -- 4.5.1 Hypotheses for the use of basic information categories 65 -- 4.5.2 Evidence on the use of basic information categories 67 -- 4.5.3 Evidence on herding 69 -- 4.6 Order flow, herding and relevance of fundamental information in DM and TM 71 -- 4.6.1 Order flow, herding and company size 71 -- 4.6.2 Order flow and fundamental orientation 73.

4.6.3 Herding and fundamental orientation 75 -- 4.6.4 Accessibility to order flow 79 -- 4.7 Motives for herding in DM and TM 80 -- 4.8 Conclusion 83 -- 5. Fund managers' investment behavior in different market settings: Evidence from Russia, Thailand, and Germany 85 -- 5.1 Introduction 85 -- 5.2 Investment industries in Russia, Thailand, and Germany 89 -- 5.3 Survey data 90 -- 5.4 Risk behavior 94 -- 5.5 Herd behavior 98 -- 5.6 Home bias 104 -- 5.7 Conclusion and outlook 113 -- 6. Exchange rate exposure of Central and Eastern European exporting firms 117 -- 6.1 Introduction 117 -- 6.2 The FX Exposure of Firms 120 -- 6.3 Data 121 -- 6.4 Methodology 123 -- 6.5 Empirical Results 125 -- 6.6 Conclusion 136 -- Appendix 139 -- Annex 149 -- References 155.