Journal of Financial & Quantitative Analysis, Volume 52, Issue 6, December 2017

机构投资者的预期，基金经理的表现与资金流向

作者：Howard Jones (Sa?d Business School, University of Oxford)

Jose Vicente Martinez（School of Business, University of Connecticut）

摘要：利用调查数据，我们分析了机构投资者对基金经理未来表现的预期以及该预期对资产配置决策的影响。我们发现机构投资者主要根据基金经理过去的变现以及投资顾问的建议来配置基金，并不怎么考虑他们对基金经理未来表现的预期。这表明机构投资者根据他们可获取的最可靠的变量做出投资决策，并且我们的研究证实了机构投资者决策中代理问题的存在。

Institutional Investor Expectations, Manager Performance, and Fund Flows

Howard Jones (Sa?d Business School, University of Oxford)

Jose Vicente Martinez（School of Business, University of Connecticut）

ABSTRACT

Using survey data, we analyze institutional investors’ expectations about the future performance of fund managers and the impact of those expectations on asset allocation decisions. We find that institutional investors allocate funds mainly on the basis of fund managers’ past performance and of investment consultants’ recommendations, but not because they extrapolate their expectations from these. This suggests that institutional investors base their investment decisions on the most defensible variables at their disposal and supports the existence of agency considerations in their decision making.

原文链接: https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/institutional-investor-expectations-manager-performance-and-fund-flows/BC052E36412EF9C09A15DE5A99454D4C

翻译：汪国颂