Showing 61 - 70 of 845,820
implications of its risk-taking for the wider financial system and real economy. This paper provides empirical evidence for the … existence of wide- spread risk-taking incentives in the investment fund sector, with a particular focus on incentives for … synchronised, cyclical risk-taking which could have systemic effects. Incentives arise from the positive response of investors to …
Persistent link: https://www.econbiz.de/10013271218
investors; retail investors enjoy no fee gains. The outsourcing of advisor services is associated with greater fund risk, but … also with higher risk-adjusted performance (Sharpe ratio). However, the positive link with performance disappears when …
Persistent link: https://www.econbiz.de/10013023462
investors; retail investors enjoy no fee gains. The outsourcing of advisor services is associated with greater fund risk, but … also with higher risk-adjusted performance (Sharpe ratio). However, the positive link with performance disappears when …
Persistent link: https://www.econbiz.de/10013022458
investors; retail investors enjoy no fee gains. The outsourcing of advisor services is associated with greater fund risk, but … also with higher risk-adjusted performance (Sharpe ratio). However, the positive link with performance disappears when …
Persistent link: https://www.econbiz.de/10013022623
disaster risk shocks, investment funds shed periphery but do not adjust core sovereign debt holdings. The periphery debt shed …
Persistent link: https://www.econbiz.de/10015339629
The distinguishing characteristic of the institutional asset management industry is that asset management activities involve a series of delegated processes, linking the “triangle” formed by invested funds, fund owners and fund managers. As a result, contractual structures that seek to align...
Persistent link: https://www.econbiz.de/10014204024
-measurement periods and to risk-adjustment. We also find short-term persistence across managers, which is probably a manifestation of the …
Persistent link: https://www.econbiz.de/10014220239
Hedge funds do not easily fit into the current way institutions go about investing. Based on a survey of recent academic and practitioner research, this article reviews six competing frameworks for how to incorporate hedge funds in institutional portfolios. Each framework has very different...
Persistent link: https://www.econbiz.de/10013023170
A closet indexer is more likely to meet a value-weighted investment benchmark by value-weighting the portfolio. Following this intuition, we introduce a simple measure of active management, the absolute difference between the value weights and the actual weights held by a fund, averaged across...
Persistent link: https://www.econbiz.de/10013033774
Our paper investigates spillover effects across different business segments of publicly traded financial conglomerates. We find that the investment decisions of mutual fund shareholders do not just depend on the prior performance of the mutual funds, they also depend on the prior performance of...
Persistent link: https://www.econbiz.de/10013038324