منابع مشابه
Are Pension Fund Managers Overconfident?
Empirical studies show that people tend to be overconfident about the precision of their knowledge, leading to miscalibration. Consistent with this, we found that on overage the decision makers of Swiss pension plans provide too narrow confidence intervals when asked to estimate the past return of various assets. Their confidence intervals are also systematically too narrow in their forecast of...
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Indirect incentives exist in the money management industry when good current performance increases future inflows of new capital, leading to higher future fees. We quantify the magnitude of indirect performance incentives for hedge fund managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows as lags increase up to two years....
متن کاملPerformance Persistence of Pension Fund Managers
This paper examines persistence over time in the performance of fund managers responsible for making the investment decisions of UK pension funds. Previous work on UK pension funds found little evidence of fund manager persistence, but we argue that this may have been due to survivorship bias in the construction of these data samples, which may have disguised true persistence. Using a large sam...
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We find significant relations between active mutual fund portfolio holdings and executive compensation, which appear to be largely driven by mutual fund investment styles rather than monitoring behaviour. Aggressive growth fund holdings are associated with performance pay, while income fund holdings are negatively related. We also find that mutual fund holdings are insensitive to changes in exe...
متن کاملConditions for Survival: changing risk and the performance of hedge fund managers and CTAs
David Hsieh for his encouragement with the project, Jennifer Carpenter, Ian Domowitz and Steven Heston for their helpful comments, and both Markus Karr and Jeremy Staum for able assistance programming and in preparation of the data. In addition, we acknowledge the contributions of participants at presentations at a December 1997 CBOT conference, the 1999 American Finance Association meetings an...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2021
ISSN: 1556-5068
DOI: 10.2139/ssrn.2610188