作者：Ben-David, Itzhak; Li, Jiacui; Rossi, Andrea; Song, Yang
作者单位：University System of Ohio; Ohio State University; National Bureau of Economic Research; Utah System of Higher Education; University of Utah; University of Arizona; University of Washington; University of Washington Seattle
摘要：We show that mutual fund investors rely on simple signals and likely do not engage in sophisticated learning about managers' alpha as widely believed. Simplistic performance chasing best explains aggregate flows to the mutual fund space and flows across funds. These results hold for both actively managed and passive index funds. Empirical patterns commonly interpreted as reflecting learning about managerial skill also appear in falsification tests and are mechanical. Our results are consistent...
作者：Heyerdahl-Larsen, Christian; Walden, Johan
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of California System; University of California Berkeley
摘要：We study consumption, savings, and asset prices in economies with disagreement and production, focusing on settings with real effects of disagreement. Aggregate savings may be significantly distorted under disagreement, possibly related to the undersaving puzzle. In the production economy, mispricing mainly manifests itself in idiosyncratic risk, in contrast to the exchange economy, where the risk-free rate and expected return on the market may be distorted. Potential policy implications inclu...
