Strategic Interactions and Portfolio Choice in Money Management : Theory and Evidence
I study portfolio choice of strategic fund managers in the presence of a peer-based underperformance penalty. While the penalty generates herding behavior, correlated trading among managers is exacerbated when a strategic setting is considered. The equilibrium portfolios are driven by the least rest...
Main Author: | Pedraza, Alvaro |
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Format: | Journal Article |
Language: | en_US |
Published: |
Wiley
2017
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Subjects: | |
Online Access: | http://hdl.handle.net/10986/26576 |
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