Dasgupta, Amil; Prat, Andrea - In: Theoretical economics : TE ; an open access journal in … 1 (2006) 1, pp. 67-93
. Fund managers differ in their ability to understand market fundamentals, and in every period investors choose a fund. In … equilibrium, the presence of career concerns induces uninformed fund managers to <i>churn</i>, i.e., to engage in trading even …