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最新文章

• Equilibrium dominance in experimental financial markets AI翻译
  作者：Cadsby, CB; Frank, M; Maksimovic, V
  作者单位：University of Guelph; University of British Columbia; University System of Maryland; University of Maryland College Park; Hong Kong University of Science & Technology
  摘要：We examine the predictive power of equilibrium dominance in experimental markets where firms with investment opportunities have an informational advantage over potential investors and are permitted to purchase a money-burning signal. Equilibrium dominance often fails to predict well when a Pareto-superior sequential equilibrium is also available. Instead equilibrium selection appears to be related to the potential earnings of a more valuable firm that can signal its type successfully by defect...
• Conditioning manager alphas on economic information: Another look at the persistence of performance AI翻译
  作者：Christopherson, JA; Ferson, WE; Glassman, DA
  作者单位：University of Washington; University of Washington Seattle
  摘要：This article presents evidence on persistence in the relative investment performance of large, institutional equity managers. Similar to existing evidence for mutual funds, we find persistent performance concentrated in the managers with poor prior-period performance measures. A conditional approach, using time-varying measures of risk and abnormal performance, is better able to detect this persistence and to predict the future performance of the funds than are traditional methods.