Money Doctors

• 成果类型: Article
• 署名作者: Gennaioli, Nicola; Shleifer, Andrei; Vishny, Robert
• 署名单位: Bocconi University; Harvard University; University of Chicago
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12188
• 发表日期: 2015
• 页码: 91-114
• 关键词: MUTUAL FUND INDUSTRY; FINANCIAL ADVICE; career concerns; stock-market; returns; performance; price; INVESTMENT; COSTS; COMPETITION

摘要

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.