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Is There Too Much Benchmarking in Asset Management?

Kashyap, Anil K. - 2020

We propose a model of asset management in which benchmarking arises endogenously, and analyze its unintended welfare consequences. Fund managers' portfolios are unobservable and they incur private costs in running them. Conditioning managers' compensation on a benchmark portfolio's performance...

Persistent link: https://www.econbiz.de/10012837972

The Effects of Investors' Information Acquisition On Sell-Side Analysts Forecast Bias

Astaiza-Gómez, José - 2021

In this research I empirically study the effects of information acquisition by investors or traders on analysts' forecast bias. Based on the theoretical literature on sell-side analysts, I argue that forecast bias is correlated to investors' information gathering, in two opposite directions. On...

Persistent link: https://www.econbiz.de/10013220851

Are the Risk Attitudes of Professional Investors Affected by Personal Catastrophic Experiences?

Bernile, Gennaro (帅纳) - 2018

We adopt a novel empirical approach to show that the risk attitudes of professional investors are affected by their catastrophic experiences – even for catastrophes with no economic impact on these investors or their portfolio firms. We study the portfolio risk of U.S.-based mutual funds that...

Persistent link: https://www.econbiz.de/10012933049

151 Trading Strategies

Kakushadze, Zura - 2019

We provide detailed descriptions, including over 550 mathematical formulas, for over 150 trading strategies across a host of asset classes (and trading styles). This includes stocks, options, fixed income, futures, ETFs, indexes, commodities, foreign exchange, convertibles, structured assets,...

Persistent link: https://www.econbiz.de/10012898167

Nanda, Vikram K. - 2018

We contend that the confluence of portfolio similarity and correlated liquidity shocks within mutual fund styles can exacerbate fund exposure to liquidity risk. We find that mutual funds mitigate such liquidity risk exposure by systematically reducing portfolio overlap with peer funds when their...

Persistent link: https://www.econbiz.de/10012928089

A Costly Mistake for Investors, US Capital Markets, and Growth : Evidence from the Exclusion of Dual-Class Stocks from Popular Indices

Deluard, Vincent - 2022

On July 31, 2017, S&P Dow Jones Indices announced it would no longer add companies with multiple share classes to its flagship S&P 500 index. This decision was designed to protect index fund investors against unequal voting rights structures, but it has already lowered investors’ returns and...

Persistent link: https://www.econbiz.de/10014361315

InvestorLit Research : Behavioral Finance and Investment Management

Institute, Brandes - 2015

InvestorLit is a subscription service providing reviews of institutional investment literature. The reviews cover a … wide range of investment topics and are published online. Bruce Grantier, founder of InvestorLit, is a member of the … pieces. The opinions expressed here are those of InvestorLit.Behavioral Finance and Investment Management, a 180-page book …

Persistent link: https://www.econbiz.de/10013009939

Unconstrained Bond Investing : Too Good to Be True?

Institute, Brandes - 2015

Market dislocations and record-low interest rates have spawned interest in unconstrained bond funds amid investors' ongoing quest to boost income and protect capital. Despite its popularity, this non-traditional approach remains mired in complexity. Ironically, it also carries risks that may...

Persistent link: https://www.econbiz.de/10013009994

Broad Is the New Narrow : How Passive Investing Creates Concentrated Portfolios

Institute, Brandes - 2015

investment in emerging markets is greater than that in developed markets, reflecting vast opportunity. Yet, the indices (and ETFs …

Persistent link: https://www.econbiz.de/10013010019

Capitalists or Fiduciary Conscious Agents? ESG Mutual Fund Fees and Investor Sophistication

Wei, Wei; Zalewska, Anna (Ania) - 2023

Gil–Bazo and Ruiz–Verdú (2009) show that fund families strategically exploit the low performance sensitivity of investors, i.e., investors’ low elasticity of demand with respect to performance, to increase fund fees. Given that environmentally, socially and governance (ESG) focused...

Persistent link: https://www.econbiz.de/10014256676