| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4061 |
| DP4061 Immigration and Inter-Regional Mobility in the UK, 1982-2000 | |
| Timothy Hatton; Massimiliano Tani | |
| 发表日期 | 2003-09-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper shows that trade can occur in a market where all traders are rational and none of them is subject to exogenous shocks. We develop a model of delegated portfolio management that captures key features of the US mutual fund industry and we embed it into an asset-pricing set-up. Fund managers differ in their ability to understand market fundamentals. In equilibrium, the presence of career concerns induces uninformed fund managers to ?churn?, i.e. to engage in trading even when they face a negative expected return. As churning plays the role of noise trading, the asset market displays non-fully informative prices and positive (and high) trading volume. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Delegated portfolio management Career concerns Churning |
| URL | https://cepr.org/publications/dp4061 |
| 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/533037 |
| 推荐引用方式 GB/T 7714 | Timothy Hatton,Massimiliano Tani. DP4061 Immigration and Inter-Regional Mobility in the UK, 1982-2000. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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