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Money Doctors

The Journal of finance (New York), 2015-02, Vol.70 (1), p.91-114 [Peer Reviewed Journal]

2015 American Finance Association ;2015 the American Finance Association ;Copyright Blackwell Publishers Inc. Feb 2015 ;ISSN: 0022-1082 ;EISSN: 1540-6261 ;DOI: 10.1111/jofi.12188 ;CODEN: JLFIAN

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  • Title:
    Money Doctors
  • Author: GENNAIOLI, NICOLA ; SHLEIFER, ANDREI ; VISHNY, ROBERT
  • Subjects: Beliefs ; Bias ; Delegation ; Expected returns ; Investment advisors ; Investment analysis ; Managers ; Portfolio management ; Studies ; Trust
  • Is Part Of: The Journal of finance (New York), 2015-02, Vol.70 (1), p.91-114
  • Description: We present a new model of investors delegating portfolio management to professionals based on trust. Trust in the manager reduces an investor's perception of the riskiness of a given investment, and allows managers to charge fees. Money managers compete for investor funds by setting fees, but because of trust, fees do not fall to costs. In equilibrium, fees are higher for assets with higher expected return, managers on average underperform the market net of fees, but investors nevertheless prefer to hire managers to investing on their own. When investors hold biased expectations, trust causes managers to pander to investor beliefs.
  • Publisher: Cambridge: Blackwell Publishing Ltd
  • Language: English
  • Identifier: ISSN: 0022-1082
    EISSN: 1540-6261
    DOI: 10.1111/jofi.12188
    CODEN: JLFIAN
  • Source: Alma/SFX Local Collection
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