| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3491 |
| DP3491 The Effect of Monetary Unification on Public Debt and its Real Return | |
| Roel Beetsma; Koen Vermeylen | |
| 发表日期 | 2002-08-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This Paper constitutes a first attempt to analyse the impact of the emergence of new funds on portfolio decisions of mutual fund managers who are evaluated on the basis of relative performance. Recent theoretical literature has pointed to the inefficiencies in portfolio selection caused by relative performance evaluation of fund managers. We find that the ongoing process of creation of new funds, by posing an entry threat to the incumbent fund managers, greatly alleviates these inefficiencies. Hence the transitory market structure that characterizes the mutual fund industry could explain why relative performance evaluation is widely in use. |
| 主题 | Financial Economics |
| 关键词 | Relative performance evaluation Fund management industry Ranking objectives Family of funds |
| URL | https://cepr.org/publications/dp3491 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532506 |
| 推荐引用方式 GB/T 7714 | Roel Beetsma,Koen Vermeylen. DP3491 The Effect of Monetary Unification on Public Debt and its Real Return. 2002. |
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