The Importance of Manager Selection Manager selection is a critical step in implementing any investment program. Even though investment objectives may be finalized and targets for asset class weights set, an investment plan is not productive until it is implemented through the purchase or sale of securities, properties, commodities, and derivatives. In most cases, investors choose portfolio man...

The poem focuses on the pains of heart and tragedy an orphaned soul would feel. It aims to put feelings into words give a voice emotions people who suffer from similar problems but are unable them. methodologies used not many primarily related poetry rhyme scheme. poet moves describe how his is orphaned. Alone in this world, without guide ease passage lead one or her lover. In tears, final hope...

In this paper, I show that persistent pricing anomalies are consistent with a market that includes ambiguity averse investors. In particular, I show that ambiguity averse investors may prefer to trade based on aggregate signals that reduce ambiguity at the cost of a loss in information. Because the aggregate signals preferred by ambiguity averse investors are not sufficient statistics for the c...

As a French feminist subversion and contemporary reimagining of Mike Nichols’ classic American film, The Graduate, Marion Vernoux’s Bright Days Ahead (Les beaux jours) rebukes Hollywood for its general exclusion leading women aged 40 or over Oedipal portrayals them. film subverts Graduate by portraying the latter film’s adulterous affair between younger man an older woman through woman’s eyes. ...

Information asymmetry presents a challenge to equity crowdfunding just as in other markets for equity capital. Investors are less likely to finance startups when it is difficult to assess quality. We argue that syndicates reduce market failures caused by information asymmetry by shifting the focal investment activities of the crowd from startups to lead investors. Syndicates align incentives of...

This study examines the liability of foreignness (LOF) faced by multinational enterprises (MNEs), and the effects of strategies employed to overcome the liability. Based on a sample of 3,085 Sino-foreign joint ventures formed in manufacturing sectors in China, the authors find that Hong Kong investors, who are often perceived to have lower LOF than investors from other countries, are more activ...

We test and confirm the hypothesis that individual investors are net buyers of attentiongrabbing stocks, e.g., stocks in the news, stocks experiencing high abnormal trading volume, and stocks with extreme one day returns. Attention-driven buying results from the difficulty that investors have searching the thousands of stocks they can potentially buy. Individual investors don’t face the same se...

Why don’t VCs eliminate excess demand for follow-on funds by raising fees? We propose a model of learning that leads to informational holdup. Current investors learn about skill whereas outside investors observe only returns. This gives current investors holdup power when the VC raises his next fund: Without their backing, no-one will fund him, as outside investors interpret the lack of backing...