The distorting effect of the prudent-man laws on institutional equity investments
Article Abstract:
The effects of legal liabilities on the investment behavior and preference of institutional investment managers is examined. Bank managers and investment managers, prefer to invest in high quality stocks because of legal constraints. Mutual fund managers, however, are not affected by such constraints and can invest in relatively high-risk but high return investments. This difference in tendencies could account for the discrepancies in their investment performance.
Publication Name: Journal of Financial Economics
Subject: Economics
ISSN: 0304-405X
Year: 1996
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The performance of professional market timers: daily evidence from executed strategies
Article Abstract:
The abilities of 30 investment advisers are evaluated between 1986 and 1995 on a daily basis. When evaluated on a monthly basis, the strong performance of specific advisers is negligible. It is important to have daily performance evaluations to determine the abilities of the advisers.
Publication Name: Journal of Financial Economics
Subject: Economics
ISSN: 0304-405X
Year: 2001
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Following the leader: a study of individual analysts' earnings forecasts
Article Abstract:
A study to develop a ranking system for security analysts is provided.
Publication Name: Journal of Financial Economics
Subject: Economics
ISSN: 0304-405X
Year: 2001
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- Abstracts: The consumption and welfare implications of wage arrears in transition economies. Quasi-geometric discounting: a closed-form solution under the exponential utility function
- Abstracts: Understanding underdevelopment: challenges for institutional economics from the point of view of poor countries: comment
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- Abstracts: The first-best sharing rule in the continuous-time principal-agent problem with exponential utility. Asymptotic efficiency in dynamic principal-agent problems