Showing 1 - 10 of 1,117
We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data …. Our results show that buy-side analysts have a significant influence on trading decisions: Fund managers almost certainly …
Persistent link: https://www.econbiz.de/10010302544
This paper investigates the purchases and redemptions of a large cross-sectional sample of German equity funds. We find that investors punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large fund families show higher sales and redemption...
Persistent link: https://www.econbiz.de/10010300703
This paper investigates the purchases and redemptions of a large cross-sectional sample of German equity funds. We find that investors punish bad performance by selling their shares, but also have a tendency to sell winners. Investors in large fund families show higher sales and redemption...
Persistent link: https://www.econbiz.de/10010302545
Ratios that indicate the statistical significance of a fund's alpha typically appraise its performance. A growing literature suggests that even in the absence of any ability to predict returns, holding options positions on the benchmark assets or trading frequently can significantly enhance...
Persistent link: https://www.econbiz.de/10010287049
, mutual funds managers tend to favor small capitalization stocks, past winners stocks, and low book-to-market ratio stocks …
Persistent link: https://www.econbiz.de/10010289385
We present evidence on the effect of social connections between workers and managers on productivity in the workplace … workers managed. We find that when managers are paid fixed wages, they favor workers to whom they are socially connected …
Persistent link: https://www.econbiz.de/10010269058
This paper investigates the effects of managerial incentives on favoritism in promotion decisions. First, we … theoretically show that favoritism leads to a lower quality of promotion decisions and in turn lower efforts. But the effect can be … mitigated by pay-for-performance incentives for managers who decide upon promotion. Second, we analyze matched employer …
Persistent link: https://www.econbiz.de/10010278492
The paper analyzes the intensity of choice in an agent based financial optimization problem. Mean-variance optimizing agents choose among mutual funds of similar styles but varying performance. We specify a model for the allocation of new funds, switching between funds, and withdrawals and...
Persistent link: https://www.econbiz.de/10010318362
Recent research has shown that institutional herding is a relevant phenomenon in stock markets. Do institutional investors also follow each other in bond markets? This paper focuses on the German bond market and uses data from 57 German mutual funds that invest mainly in DM-denominated bonds,...
Persistent link: https://www.econbiz.de/10010296584
Traditional risk-adjusted performance measures, such as the Sharpe ratio, the Treynor index or Jensen's alpha, based on the mean-variance framework, are widely used to rank mutual funds. However, performance measures that consider risk by taking into account only losses, such as Value-at-Risk...
Persistent link: https://www.econbiz.de/10010299556