| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3617 |
| 来源ID | Working Paper 3617 |
| Window Dressing by Pension Fund Managers | |
| Josef Lakonishok; Andrei Shleifer; Richard Thaler; Robert Vishny | |
| 发表日期 | 1991-02-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | This paper takes a first look at investment strategies of managers of 769 pension funds, with total assets of $129 billion at the end of 1989. The data show that managers of these funds tend to oversell stocks that have performed poorly. Relative sales of losers accelerate in the fourth quarter, when funds' portfolios are closely examined by the sponsors. This result supports the view that fund managers "window dress" their portfolios to impress sponsors and suggests that managers are evaluated on their individual stock selections and not just aggregate portfolio performance. |
| 主题 | Macroeconomics ; Financial Economics |
| URL | https://www.nber.org/papers/w3617 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560924 |
| 推荐引用方式 GB/T 7714 | Josef Lakonishok,Andrei Shleifer,Richard Thaler,et al. Window Dressing by Pension Fund Managers. 1991. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w3617.pdf（129KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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