Reputation and Performance Fee Effects on Portfolio Choice by Investment Advisers

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ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Reputation and Performance Fee Effects on Portfolio Choice by Investment Advisers by : Steven J. Huddart

Download or read book Reputation and Performance Fee Effects on Portfolio Choice by Investment Advisers written by Steven J. Huddart and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In large part, the form of investment advisers' compensation contracts is imposed by the Securities and Exchange Commission. Given these contractual forms, this paper considers the portfolio choices that emerge when advisers rationally cultivate their reputations. In a two-period model of investment management in which (i) investors reallocate their wealth across advisers after observing performance in the first period, and (ii) advisers' compensation is in the form of periodic asset fees, this paper shows a reputation effect causes one adviser to choose a portfolio in the first period that is extreme given his private information about asset returns. Extreme portfolios are costly for risk-averse advisers and investors because mutual funds are riskier than in one-period or single-adviser settings. Imposing a performance fee ameliorates these distortions and results in superior ex ante payoffs to investors without altering adviser welfare.Numerical examples show that asset fees may increase or decrease as uninformed advisers enter the industry. Taking asset trading costs into account, performance fees are most likely to be used when (i) there are many investors with small amounts of wealth to invest, (ii) assets are difficult to buy directly (e.g., foreign stocks), or (iii) benchmark portfolios are not tradable (e.g., real estate). The analysis also suggests these mechanisms are most likely to be used when reputation considerations are acute: when young advisers have little history of investment returns or when differences in ability across managers are small.

Reputation and Performance Fee Effects on Portfolio Choice by Investment Advisers

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ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Reputation and Performance Fee Effects on Portfolio Choice by Investment Advisers by : Steven Huddart

Download or read book Reputation and Performance Fee Effects on Portfolio Choice by Investment Advisers written by Steven Huddart and published by . This book was released on 1994 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mutual Funds

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Publisher : Springer Science & Business Media
ISBN 13 : 0387253084
Total Pages : 169 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis Mutual Funds by : Seth Anderson

Download or read book Mutual Funds written by Seth Anderson and published by Springer Science & Business Media. This book was released on 2006-03-30 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual funds are the dominant form of investment companies in the United States today, with approximately $7 trillion in assets under management. Over the past half century an important body of academic research has addressed various issues about the nature of these companies. These works focus on a wide range of topics, including fund performance, investment style, and expense issues, among others. MUTUAL FUNDS: Fifty Years of Research Findings is designed for the academic researcher interested in the various issues surrounding mutual funds and for the practitioner interested in funds for investment purposes. The authors briefly trace the historical evolution of funds, present important aspects of the Investment Company Act of 1940, and then summarize a substantial portion of the academic literature which has been written over the past five decades. "This book presents an outstanding wealth of information on mutual funds in a remarkably readable format. It is probably the most comprehensive work currently available on funds. The book sheds light on the numerous issues surrounding mutual fund performance and pricing and is an important resource for any serious investor." Kathleen A. Wayner, Bowling Portfolio Management, President and CEO

Financial Markets Theory

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Publisher : Springer Science & Business Media
ISBN 13 : 1447100891
Total Pages : 473 pages
Book Rating : 4.4/5 (471 download)

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Book Synopsis Financial Markets Theory by : Emilio Barucci

Download or read book Financial Markets Theory written by Emilio Barucci and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: A presentation of classical asset pricing theory, this textbook is the only one to address the economic foundations of financial markets theory from a mathematically rigorous standpoint and to offer a self-contained critical discussion based on empirical results. Tools for understanding the economic analysis are provided, and mathematical models are presented in discrete time/finite state space for simplicity. Examples and exercises included.

The Behavior of Financial Markets under Rational Expectations

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Publisher : Bridge 21 Publications
ISBN 13 : 1626430888
Total Pages : 152 pages
Book Rating : 4.6/5 (264 download)

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Book Synopsis The Behavior of Financial Markets under Rational Expectations by : Yan Han

Download or read book The Behavior of Financial Markets under Rational Expectations written by Yan Han and published by Bridge 21 Publications. This book was released on 2022-10-14 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial markets have become more and more important in modern society. The behavior of the financial markets, and its impacts on our society, relies crucially on the behavior of market participants, aka the investors of different types. Although descriptions of the financial markets on the macro level have caught great attentions of investors, regulators, and the ordinary people, how the market participants interact with each other in the financial market may provide deeper insights on how and why the financial markets behave. This book tries to supply as much research on the micro level of financial market behavior as possible to the readers. The author has been doing financial research, especially on the micro level, during the past two decades. The academic research on this broad area has undergone a rapid growth, with new results, methods, theories, and even paradigms, emerging and burgeoning almost every year. As a financial researcher in one of China’s top universities, the author has kept monitoring, digesting, and synthesizing the research articles in the area. This book is the outcome of this decades-long routine research work of the author. The book covers the fundamental economic theories of how different investors receive and interpret information. The empirical results of investors behavior are also discussed in depth. The book also shows the basic academic techniques of modeling the investors behavior.

Investors and Markets

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Publisher : Princeton University Press
ISBN 13 : 1400830184
Total Pages : 232 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Investors and Markets by : William F. Sharpe

Download or read book Investors and Markets written by William F. Sharpe and published by Princeton University Press. This book was released on 2011-01-01 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Investors and Markets, Nobel Prize-winning financial economist William Sharpe shows that investment professionals cannot make good portfolio choices unless they understand the determinants of asset prices. But until now asset-price analysis has largely been inaccessible to everyone except PhDs in financial economics. In this book, Sharpe changes that by setting out his state-of-the-art approach to asset pricing in a nonmathematical form that will be comprehensible to a broad range of investment professionals, including investment advisors, money managers, and financial analysts. Bridging the gap between the best financial theory and investment practice, Investors and Markets will help investment professionals make better portfolio choices by being smarter about asset prices. Based on Sharpe's Princeton Lectures in Finance, Investors and Markets presents a method of analyzing asset prices that accounts for the real behavior of investors. Sharpe makes this technique accessible through a new, one-of-a-kind computer program (available for free on his Web site, at http://www.stanford.edu/~wfsharpe/apsim/index.html) that enables users to create virtual markets, setting the starting conditions and then allowing trading until equilibrium is reached and trading stops. Program users can then analyze the final portfolios and asset prices, see expected returns, and measure risk. In addition to popularizing the most sophisticated form of asset-price analysis, Investors and Markets summarizes much of Sharpe's most important previous work and reflects a lifetime of thinking about investing by one of the leading minds in financial economics. Any serious investment professional will benefit from Sharpe's unique insights.

Hedge Fund Structure, Regulation, and Performance Around the World

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Publisher : Oxford University Press
ISBN 13 : 0199862567
Total Pages : 313 pages
Book Rating : 4.1/5 (998 download)

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Book Synopsis Hedge Fund Structure, Regulation, and Performance Around the World by : Douglas Cumming

Download or read book Hedge Fund Structure, Regulation, and Performance Around the World written by Douglas Cumming and published by Oxford University Press. This book was released on 2013-03-07 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book uses data from a multitude of countries to explain how and why hedge fund markets differ around the world. The authors consider international differences in hedge fund regulation which include, but are not limited to, minimum capitalization requirements, restrictions on the location of key service providers, and different permissible distribution channels via private placements, banks, other regulated or non-regulated financial intermediaries, wrappers, investment managers and fund distribution companies.

The White Coat Investor

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Publisher : White Coat Investor LLC the
ISBN 13 : 9780991433100
Total Pages : 160 pages
Book Rating : 4.4/5 (331 download)

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Book Synopsis The White Coat Investor by : James M. Dahle

Download or read book The White Coat Investor written by James M. Dahle and published by White Coat Investor LLC the. This book was released on 2014-01 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a practicing emergency physician, The White Coat Investor is a high-yield manual that specifically deals with the financial issues facing medical students, residents, physicians, dentists, and similar high-income professionals. Doctors are highly-educated and extensively trained at making difficult diagnoses and performing life saving procedures. However, they receive little to no training in business, personal finance, investing, insurance, taxes, estate planning, and asset protection. This book fills in the gaps and will teach you to use your high income to escape from your student loans, provide for your family, build wealth, and stop getting ripped off by unscrupulous financial professionals. Straight talk and clear explanations allow the book to be easily digested by a novice to the subject matter yet the book also contains advanced concepts specific to physicians you won't find in other financial books. This book will teach you how to: Graduate from medical school with as little debt as possible Escape from student loans within two to five years of residency graduation Purchase the right types and amounts of insurance Decide when to buy a house and how much to spend on it Learn to invest in a sensible, low-cost and effective manner with or without the assistance of an advisor Avoid investments which are designed to be sold, not bought Select advisors who give great service and advice at a fair price Become a millionaire within five to ten years of residency graduation Use a "Backdoor Roth IRA" and "Stealth IRA" to boost your retirement funds and decrease your taxes Protect your hard-won assets from professional and personal lawsuits Avoid estate taxes, avoid probate, and ensure your children and your money go where you want when you die Minimize your tax burden, keeping more of your hard-earned money Decide between an employee job and an independent contractor job Choose between sole proprietorship, Limited Liability Company, S Corporation, and C Corporation Take a look at the first pages of the book by clicking on the Look Inside feature Praise For The White Coat Investor "Much of my financial planning practice is helping doctors to correct mistakes that reading this book would have avoided in the first place." - Allan S. Roth, MBA, CPA, CFP(R), Author of How a Second Grader Beats Wall Street "Jim Dahle has done a lot of thinking about the peculiar financial problems facing physicians, and you, lucky reader, are about to reap the bounty of both his experience and his research." - William J. Bernstein, MD, Author of The Investor's Manifesto and seven other investing books "This book should be in every career counselor's office and delivered with every medical degree." - Rick Van Ness, Author of Common Sense Investing "The White Coat Investor provides an expert consult for your finances. I now feel confident I can be a millionaire at 40 without feeling like a jerk." - Joe Jones, DO "Jim Dahle has done for physician financial illiteracy what penicillin did for neurosyphilis." - Dennis Bethel, MD "An excellent practical personal finance guide for physicians in training and in practice from a non biased source we can actually trust." - Greg E Wilde, M.D Scroll up, click the buy button, and get started today!

Regulation of Investment Advisers

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Publisher :
ISBN 13 :
Total Pages : 918 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Regulation of Investment Advisers by : Thomas P. Lemke

Download or read book Regulation of Investment Advisers written by Thomas P. Lemke and published by . This book was released on 1996 with total page 918 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Portfolio Performance Evaluation

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Publisher : Now Publishers Inc
ISBN 13 : 1601980825
Total Pages : 123 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Portfolio Performance Evaluation by : George O. Aragon

Download or read book Portfolio Performance Evaluation written by George O. Aragon and published by Now Publishers Inc. This book was released on 2008 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a review of the methods for measuring portfolio performance and the evidence on the performance of professionally managed investment portfolios. Traditional performance measures, strongly influenced by the Capital Asset Pricing Model of Sharpe (1964), were developed prior to 1990. We discuss some of the properties and important problems associated with these measures. We then review the more recent Conditional Performance Evaluation techniques, designed to allow for expected returns and risks that may vary over time, and thus addressing one major shortcoming of the traditional measures. We also discuss weight-based performance measures and the stochastic discount factor approach. We review the evidence that these newer measures have produced on selectivity and market timing ability for professional managed investment funds. The evidence includes equity style mutual funds, pension funds, asset allocation style funds, fixed income funds and hedge funds.

Executive Compensation and Shareholder Value

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Publisher : Springer Science & Business Media
ISBN 13 : 1475751923
Total Pages : 159 pages
Book Rating : 4.4/5 (757 download)

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Book Synopsis Executive Compensation and Shareholder Value by : Jennifer Carpenter

Download or read book Executive Compensation and Shareholder Value written by Jennifer Carpenter and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in stock market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.

Investment Adviser's Legal and Compliance Guide

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Publisher : Wolters Kluwer
ISBN 13 : 1454838493
Total Pages : 1060 pages
Book Rating : 4.4/5 (548 download)

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Book Synopsis Investment Adviser's Legal and Compliance Guide by : Terrance J. O'Malley

Download or read book Investment Adviser's Legal and Compliance Guide written by Terrance J. O'Malley and published by Wolters Kluwer. This book was released on 2013-01-01 with total page 1060 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment Adviser's Legal and Compliance Guide, Second Edition is an invaluable guide written to assist attorneys and investment advisers in both drafting their compliance policies and procedures and reviewing them annually. In addition, the book serves as a practical tool for experienced attorneys and compliance officers for fulfilling their changing responsibilities under new rules adopted under the Investment Advisers Act of 1940, as well as new staff interpretations and guidance. For the Second Edition, the original author, Terrance J. Oand’Malley, is joined by John H. Walsh. While both authors are seasoned practitioners and acknowledged experts in the area of investment adviser compliance matters, Mr. Walshand’s years of experience, including at the SEC, are reflected in the enhanced practical discussion of relevant legal and compliance issues, including increased numbers of compliance tips, enforcement and regulatory alerts, and compliance tools. Investment Adviser's Legal and Compliance Guide, Second Edition covers in detail such topics as: Filings and amendments that an adviser must make to maintain its SEC registration Major rules and requirements dealing with marketing and attracting new clients Issues arising in connection with the management of private funds The SEC's examination process New clients, and the management of client accounts. The book also covers requirements relating to the adviser's obligation to its customers, including preventing insider trading and other trading abuses, as well as an adviser's recordkeeping, which is a major factor in meeting the requirements of the Investment Advisers Act. In addition, Investment Adviser's Legal and Compliance Guide, Second Edition provides registered investment advisers and their legal counsel with a comprehensive review of their compliance responsibilities that arise under the Investment Advisers Act.

Investor and Industry Perspectives on Investment Advisers and Broker-Dealers

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Publisher : Rand Corporation
ISBN 13 : 0833045016
Total Pages : 151 pages
Book Rating : 4.8/5 (33 download)

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Book Synopsis Investor and Industry Perspectives on Investment Advisers and Broker-Dealers by : Angela A. Hung

Download or read book Investor and Industry Perspectives on Investment Advisers and Broker-Dealers written by Angela A. Hung and published by Rand Corporation. This book was released on 2008-03-12 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: In theory, financial professionals are relatively distinct: A broker-dealer conducts transactions in securities on behalf of itself and others; and an investment adviser provides advice to others regarding securities. Different laws regulate each type of professional, but boundaries have blurred. This report examines current business practices and investor understanding of each type.

Working Paper Series

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Publisher :
ISBN 13 :
Total Pages : 604 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Working Paper Series by :

Download or read book Working Paper Series written by and published by . This book was released on 1998 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Conference Issue on Accounting in the Twenty-First Century

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Publisher :
ISBN 13 :
Total Pages : 764 pages
Book Rating : 4./5 ( download)

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Book Synopsis Conference Issue on Accounting in the Twenty-First Century by :

Download or read book Conference Issue on Accounting in the Twenty-First Century written by and published by . This book was released on 1999 with total page 764 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Investor Decision-Making and the Role of the Financial Advisor

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Publisher : Springer
ISBN 13 : 3319682342
Total Pages : 170 pages
Book Rating : 4.3/5 (196 download)

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Book Synopsis Investor Decision-Making and the Role of the Financial Advisor by : Caterina Cruciani

Download or read book Investor Decision-Making and the Role of the Financial Advisor written by Caterina Cruciani and published by Springer. This book was released on 2017-11-13 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at financial advisory from a behavioural perspective, and focuses on how the nature of the relationship between advisors and clients may affect the ability of the advisor to perform its functions. Broken into three key parts, the book looks at the client, the advisor, and the relationship between the two. Chapters review relevant theories of decision-making under risk to understand the nature of clients’ decisions. The literature on advisors’ functions and the normative landscape regulating financial advisory are also addressed. Finally, this book reviews how behavioural finance has traditionally addressed portfolio selection and explains how trust can be seen as a viable avenue to maximize advisors’ effectiveness and pursue clients’ needs. This book will be of interest to both behavioural finance scholars and practitioners interested in understanding what the future of financial advisory may have in stock.

Does it All Add Up?

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Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Does it All Add Up? by : Anat R. Admati

Download or read book Does it All Add Up? written by Anat R. Admati and published by . This book was released on 1996 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: