The delegated portfolio management problem: Reputation and herding

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dc.contributor.authorVillatoro, Felix
dc.date.accessioned2024-01-10T12:43:38Z
dc.date.available2024-01-10T12:43:38Z
dc.date.issued2009
dc.description.abstractWe study the relationship between financial intermediaries' reputation and herding in a delegated portfolio management problem context. We identify conditions under which equilibria exist such that intermediaries with good reputation invest in private information, whereas those with poor reputation herd. The model's empirical predictions are discussed and found to be consistent with previous evidence. From a normative stand, our work points out the possible existence of a policy trade-off between protecting investors by demanding more transparency from intermediaries and encouraging herding by free-riders for whom imitating portfolio decisions would be easier under tighter regulation, such as more frequent portfolio disclosure. (C) 2009 Elsevier B.V. All rights reserved.
dc.fechaingreso.objetodigital27-03-2024
dc.format.extent8 páginas
dc.fuente.origenWOS
dc.identifier.doi10.1016/j.jbankfin.2009.04.018
dc.identifier.issn0378-4266
dc.identifier.urihttps://doi.org/10.1016/j.jbankfin.2009.04.018
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/77610
dc.identifier.wosidWOS:000271343700011
dc.information.autorucInstituto de Economía;Villatoro F;S/I;123518
dc.issue.numero11
dc.language.isoen
dc.nota.accesocontenido parcial
dc.pagina.final2069
dc.pagina.inicio2062
dc.publisherELSEVIER SCIENCE BV
dc.revistaJOURNAL OF BANKING & FINANCE
dc.rightsacceso restringido
dc.subjectReputation
dc.subjectFinancial intermediaries
dc.subjectHerding
dc.subjectDelegated portfolio management
dc.subjectCAREER CONCERNS
dc.subjectMARKETS
dc.subjectBEHAVIOR
dc.subjectPERSPECTIVE
dc.subjectINVESTMENT
dc.subject.ods08 Decent Work and Economic Growth
dc.subject.odspa08 Trabajo decente y crecimiento económico
dc.titleThe delegated portfolio management problem: Reputation and herding
dc.typeartículo
dc.volumen33
sipa.codpersvinculados123518
sipa.indexWOS
sipa.trazabilidadCarga SIPA;09-01-2024
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