| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10447 |
| DP10447 Short-Sale Constraints and the Pricing of Managerial Skills | |
| Massimo Massa | |
| 发表日期 | 2015-03-01 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We investigate the impact of the absence of short selling on the pricing of managerial skills in the mutual fund industry. In the presence of divergent opinions regarding managerial skills, fund managers can strategically use fees to attract only the most optimistic capital. The recognition of this fee strategy helps explain a set of stylized observations and puzzles in the mutual fund industry, including the underperformance of active funds, the existence of flow convexity, and the negative correlation between gross-of-fee α and fees. |
| 主题 | Financial Economics |
| 关键词 | Managerial skills Mutual funds Short-sale constraint. |
| URL | https://cepr.org/publications/dp10447 |
| 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/539279 |
| 推荐引用方式 GB/T 7714 | Massimo Massa. DP10447 Short-Sale Constraints and the Pricing of Managerial Skills. 2015. |
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