average, managers' forecasts are correct. Levels and changes in managerial expectations are correlated with proxies for …

We present a model with dynamic investment flows, where fund managers have the ability to generate excess returns and …

determines if the contract renewal structure and fee arrangements discriminate effectively among talented and untalented managers …

uninformed managers (i.e. churning). We find that churning does not necessarily reduce the return that a representative investor … expects ex-ante from delegating trade to a manager. As uninformed managers churn, the level of noise in the market increases … and informed managers generate higher returns than in the absence of churning. When fundamental volatility is relatively …

We study the impact of endogenous shocks driven by collective actions of managers. We analyze how such endogenous … allocation is suboptimal because of the externalities in managers' wages and in equity market. We establish that a socially … optimal allocation can be achieved if the planner imposes wage taxes (or subsidies) on managers and equity taxes. Our results …

measures on how to achieve this. -- risk preferences ; competition ; genetic programming ; fund managers ; portfolio theory …. As a practical example, the professional competition between fund managers is considered. To explore how different … evolutionary model is developed. Using a simple genetic algorithm, two attributes of virtual fund managers evolve: the share of …