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...
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| Language: | en_US |
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Wiley
2017
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| Online Access: | http://hdl.handle.net/10986/26576 |