TY  - JOUR
TI  - Churning Bubbles
T2  - Review of Economic Studies
IS  - 4
KW  - investors
KW  - portfolio management
KW  - risk
KW  - stock prices
KW  - инвестиции
KW  - инвестор
KW  - курс акций
KW  - портфель ценных бумаг
KW  - риск
KW  - управление портфелем ценных бумаг
AB  - 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. 
AU  - Allen, Franklin
AU  - Gorton, Gary
UR  - http://ecsocman.hse.ru/text/17046006/
PY  - 1993
SP  - 813-836
M2  - 813
VL  - 60
SN  - 
N1  - 
LA  - EN
CY  - 
PB  - 
M3  - 
LB  - 
VL  - 
ER  -