Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets
We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark-a common solution to the agency problem in delegated portfolio management. In the presence of such relativeperformance- based objectives, investors have reduced e...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
|
| Schriftenreihe: | IMF Working Papers: Working Paper No. 15 / 198
|
| Online-Zugang: | DE-20 DE-824 DE-70 DE-155 DE-29 DE-22 DE-473 DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-739 DE-355 DE-Aug4 DE-1049 DE-12 DE-91 URL des Erstveröffentlichers |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
MARC
| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV048355881 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220713s2015 xx o|||| 00||| eng d | ||
| 020 | |a 1513586874 |c 18.00 USD |9 1-513-58687-4 | ||
| 020 | |a 9781513586878 |c 18.00 USD |9 978-1-513-58687-8 | ||
| 035 | |a (ZDB-1-IMF)845962558 | ||
| 035 | |a (OCoLC)1337136022 | ||
| 035 | |a (DE-599)BVBBV048355881 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-20 |a DE-824 |a DE-70 |a DE-155 |a DE-29 |a DE-22 |a DE-473 |a DE-1102 |a DE-703 |a DE-859 |a DE-706 |a DE-384 |a DE-860 |a DE-19 |a DE-739 |a DE-355 |a DE-Aug4 |a DE-1049 |a DE-12 |a DE-91 | ||
| 100 | 1 | |a Igan, Deniz |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets |c Igan, Deniz |
| 264 | 1 | |a Washington, D.C |b International Monetary Fund |c 2015 | |
| 300 | |a 1 Online-Ressource (39 p) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a IMF Working Papers: Working Paper No. 15 / 198 | |
| 520 | 3 | |a We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark-a common solution to the agency problem in delegated portfolio management. In the presence of such relativeperformance- based objectives, investors have reduced expected utility but markets are typically more informative and deeper. Furthermore, in a multiple asset/market framework we show that (i) relative performance concerns lead to an increase in the correlation between markets (financial contagion); (ii) benchmark inclusion increases price volatility; (iii) home bias emerges as a rational outcome. When information is costly, information acquisition is hindered and this attenuates the effects on informativeness and depth of the market | |
| 533 | |a Online-Ausg | ||
| 700 | 1 | |a Pinheiro, Marcelo |e Sonstige |4 oth | |
| 856 | 4 | 0 | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-IMF | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033735149 | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-20 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-824 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-70 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-155 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-29 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-22 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-473 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-1102 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-703 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-859 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-706 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-384 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-860 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-19 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-739 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-355 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-Aug4 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-1049 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-12 |p ZDB-1-IMF |x Verlag |3 Volltext | |
| 966 | e | |u http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |l DE-91 |p ZDB-1-IMF |x Verlag |3 Volltext | |
Datensatz im Suchindex
| DE-BY-TUM_katkey | 2678828 |
|---|---|
| _version_ | 1820802193532387328 |
| any_adam_object | |
| author | Igan, Deniz |
| author_facet | Igan, Deniz |
| author_role | aut |
| author_sort | Igan, Deniz |
| author_variant | d i di |
| building | Verbundindex |
| bvnumber | BV048355881 |
| collection | ZDB-1-IMF |
| ctrlnum | (ZDB-1-IMF)845962558 (OCoLC)1337136022 (DE-599)BVBBV048355881 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>05301nam a2200589 cb4500</leader><controlfield tag="001">BV048355881</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220713s2015 xx o|||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">1513586874</subfield><subfield code="c">18.00 USD</subfield><subfield code="9">1-513-58687-4</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781513586878</subfield><subfield code="c">18.00 USD</subfield><subfield code="9">978-1-513-58687-8</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-IMF)845962558</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1337136022</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV048355881</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-20</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-70</subfield><subfield code="a">DE-155</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-22</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-1102</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-859</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-384</subfield><subfield code="a">DE-860</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-Aug4</subfield><subfield code="a">DE-1049</subfield><subfield code="a">DE-12</subfield><subfield code="a">DE-91</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Igan, Deniz</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets</subfield><subfield code="c">Igan, Deniz</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">International Monetary Fund</subfield><subfield code="c">2015</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (39 p)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">IMF Working Papers: Working Paper No. 15 / 198</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark-a common solution to the agency problem in delegated portfolio management. In the presence of such relativeperformance- based objectives, investors have reduced expected utility but markets are typically more informative and deeper. Furthermore, in a multiple asset/market framework we show that (i) relative performance concerns lead to an increase in the correlation between markets (financial contagion); (ii) benchmark inclusion increases price volatility; (iii) home bias emerges as a rational outcome. When information is costly, information acquisition is hindered and this attenuates the effects on informativeness and depth of the market</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Online-Ausg</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Pinheiro, Marcelo</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-IMF</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033735149</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-20</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-824</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-70</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-155</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-29</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-22</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-473</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-1102</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-703</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-859</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-706</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-384</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-860</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-19</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-739</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-355</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-Aug4</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-1049</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-12</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml</subfield><subfield code="l">DE-91</subfield><subfield code="p">ZDB-1-IMF</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV048355881 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-24T09:27:15Z |
| institution | BVB |
| isbn | 1513586874 9781513586878 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033735149 |
| oclc_num | 1337136022 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (39 p) |
| psigel | ZDB-1-IMF |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | International Monetary Fund |
| record_format | marc |
| series2 | IMF Working Papers: Working Paper No. 15 / 198 |
| spellingShingle | Igan, Deniz Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets |
| title | Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets |
| title_auth | Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets |
| title_exact_search | Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets |
| title_full | Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets Igan, Deniz |
| title_fullStr | Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets Igan, Deniz |
| title_full_unstemmed | Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets Igan, Deniz |
| title_short | Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets |
| title_sort | delegated portfolio management benchmarking and the effects on financial markets |
| url | http://www.elibrary.imf.org/view/IMF001/22815-9781513586878/22815-9781513586878/22815-9781513586878.xml |
| work_keys_str_mv | AT igandeniz delegatedportfoliomanagementbenchmarkingandtheeffectsonfinancialmarkets AT pinheiromarcelo delegatedportfoliomanagementbenchmarkingandtheeffectsonfinancialmarkets |