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A Model of Shadow Banking
Gennaioli, Nicola - 2011
move together as in Adrian and Shin (2010), and iii) intermediaries increase their exposure to systematic risk as they … reduce their idiosyncratic risk through diversification, as in Acharya, Schnabl, and Suarez (2010). Under rational …
Persistent link: https://www.econbiz.de/10013123980
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Money Doctors
Gennaioli, Nicola - 2012
underperform the market net of fees but investors still prefer to delegate money management to taking risk on their own, 2) fees …
Persistent link: https://www.econbiz.de/10013104732
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Positive Feedback Investment Strategies and Destabilizing Rational Speculation
DeLong, J. Bradford - 2008
Analyses of the role of rational speculators in financial markets usually presume that such investors dampen price fluctuations by trading against liquidity or noise traders. This conclusion does not necessarily hold when noise traders follow positive-feedback investment strategies buy when...
Persistent link: https://www.econbiz.de/10012774560
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Style Investing
Barberis, Nicholas - 2001
for reasons unrelated to risk. They also lead to a rich pattern of own- and cross-autocorrelations, sample premia that can …
Persistent link: https://www.econbiz.de/10012787895
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Investor Sentiment and the Closed-End Fund Puzzle
Lee, Charles - 2011
individual investor sentiment toward closed end funds and other securities. The theory implies that discounts on various funds …
Persistent link: https://www.econbiz.de/10012756869