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Fund Families as Delegated Monitors of Money Managers 总被引:1,自引:0,他引:1
Because a money manager learns more about her skill from hermanagement experience than outsiders can learn from her realizedreturns, she expects inefficiency in future contracts that conditionexclusively on realized returns. A fund family that learns whatthe manager learns can reduce this inefficiency cost if thefamily is large enough. The familys incentive is to retainany given manager regardless of her skill but, when the familyhas enough managers, it adds value by boosting the credibilityof its retentions through the firing of others. As the numberof managers grows, the efficiency loss goes to zero. 相似文献
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The Positive Effects of Biased Self-Perceptions in Firms 总被引:2,自引:0,他引:2
We study a firm in which the marginal productivity of agents'effort increases with the effort of others. We show that thepresence of an agent who overestimates his marginal productivitymay make all agents better off, including the biased agent himself.This Pareto improvement is obtained even when compensation contractsare set endogenously to maximize firm value. We show that thepresence of a leader improves coordination, but self-perceptionbiases can never be Pareto-improving when they affect the leader.Self-perception biases are also shown to affect job assignmentswithin firms and the likelihood and value of mergers. 相似文献
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Learning to be overconfident 总被引:47,自引:0,他引:47
We develop a multiperiod market model describing both the processby which traders learn about their ability and how a bias inthis learning can create overconfident traders. A trader inour model initially does not know his own ability. He infersthis ability from his successes and failures. In assessing hisability the trader takes too much credit for his successes.This leads him to become overconfident. A trader's expectedlevel of overconfidence increases in the early stages of hiscareer. Then, with more experience, he comes to better recognizehis own ability. The patterns in trading volume, expected profits,price volatility, and expected prices resulting from this endogenousoverconfidence are analyzed. 相似文献
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