【11月11日】【CHLR应用微观讲座】 Mutual Funds' Reputation for Information Superiority发布日期：2019-09-12 21:07:15
主 题：【CHLR应用微观讲座】 Mutual Funds' Reputation for Information Superiority
摘 要：We study effects of mutual funds' reputation for information superiority. Funds endoge-nously invest in
reputations by acquiring information, so they don't have exogenous types.A star rating equilibrium exists in which investors' beliefs are consistent with a discrete rat-ing system. In an equilibrium, uninformed funds within a rating group acquire informationless as they are ranked higher, leading to an "intra-group catch-up" effect. Cross rating groups, however, funds' incentives jump. Rational investors may merely rely on ratings topick funds. We relates funds' activeness to their past and future performance, and providesrational explanations to empirical observations about Morningstar Ratings.
关于翁翕: 北京大学光华管理学院应用经济系, 助理教授