Churning Bubbles
Опубликовано на портале: 14-03-2005
Review of Economic Studies.
1993.
Vol. 60.
No. 4.
P. 813-836.
Тематические разделы:
Are stock prices determined by fundamentals or can "bubbles" exist? An important
issue in this debate concerns the circumstances in which deviations from fundamentals
are consistent with rational behaviour. When there is asymmetric information between
investors and portfolio managers, portfolio managers have an incentive to churn;
their trades are not motivated by changes in information, liquidity needs or risk
sharing but rather by a desire to profit at the expense of the investors that hire
them. As a result, assets can trade at prices which do not reflect their fundamentals
and bubbles can exist.
Статья рекомендована при изучении программы Corporate Finance and Financial Crises (Allen F.)
Ключевые слова
investors portfolio management risk stock prices инвестиции инвестор курс акций портфель ценных бумаг риск управление портфелем ценных бумаг
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