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Optimal Decentralized Investment Management
van Binsbergen, Jules H. - 2006
We study a decentralized investment problem in which a CIO employs multiple asset managers to implement and execute … investment strategies in separate asset classes. The CIO allocates capital to the managers who, in turn, allocate these funds to … the assets in their asset class. This two-step investment process causes several misalignments of objectives between the …
Persistent link: https://www.econbiz.de/10012466511
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Index Investment and Financialization of Commodities
Tang, Ke - 2010
This paper finds that, concurrent with the rapid growing index investment in commodities markets since early 2000s …
Persistent link: https://www.econbiz.de/10012462271
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Financial Knowledge and 401(k) Investment Performance
Clark, Robert L. - 2014
Using a unique new dataset linking administrative data on investment performance and financial knowledge, we examine …
Persistent link: https://www.econbiz.de/10012458527
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Peer Advice on Financial Decisions : A case of the blind leading the blind?
Ambuehl, Sandro - 2018
Previous research shows that many people seek financial advice from non-experts, and that peer interactions influence financial decisions. We investigate whether such influences are beneficial, harmful, or simply haphazard. In our laboratory experiment, face-to-face communication with a randomly...
Persistent link: https://www.econbiz.de/10012480687
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Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions?
Moeller, Sara B. - 2004
Behavioral finance models imply that an increase in shares outstanding leads to a lower stock price for firms with greater diversity in opinion among investors. Information asymmetry models imply that share issues by firms with greater information asymmetries are accompanied by larger share...
Persistent link: https://www.econbiz.de/10012467917
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Retail Financial Advice : Does One Size Fit All?
Foerster, Stephen - 2014
Using unique data on Canadian households, we assess the impact of financial advisors on their clients' portfolios. We find that advisors induce their clients to take more risk, thereby raising expected returns. On the other hand, we find limited evidence of customization: advisors direct clients...
Persistent link: https://www.econbiz.de/10012457954
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Demand-side and Supply-side Constraints in the Market for Financial Advice
Reuter, Jonathan; Schoar, Antoinette - National Bureau of Economic Research - 2024
In this review, we argue that access to financial advice and the quality of this advice is shaped by a broad array of demand-side and supply-side constraints. While the literature has predominantly focused on conflicts of interest between advisors and clients, we highlight that the transaction...
Persistent link: https://www.econbiz.de/10014544730
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The Quality of Financial Advice : What Influences Client Recommendations?
D'Astous, Philippe; Gemmo, Irina; Michaud, Pierre-Carl - National Bureau of Economic Research - 2022
themselves, their spouse owns, or they are licensed to sell. In the investment domain, we also find that planners are more likely …
Persistent link: https://www.econbiz.de/10013334423
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Financial Advice and Investor Beliefs : Experimental Evidence on Active vs. Passive Strategies
Schoar, Antoinette; Sun, Yang - National Bureau of Economic Research - 2024
either the benefits of passive investment strategies (such as diversification and low fees) or active strategies (such as … priors rather than contradicts them. But people update their beliefs about investment strategies in the direction of the …
Persistent link: https://www.econbiz.de/10015072942
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The Coming Wave : Where Do Emerging Market Investors Put Their Money?
Karolyi, G. Andrew - 2015
We examine how emerging market (EM) investors allocate their stock portfolios internationally. Using both country-level and institution-level data, we find that the coming wave of EM investors systematically over- and under-weight their holdings in some target countries. These abnormal foreign...
Persistent link: https://www.econbiz.de/10012457008