Inexperienced investors and bubbles:
"We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the technology bubble, mutual fu...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14111 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the technology bubble, mutual funds run by younger managers are more heavily invested in technology stocks, relative to their style benchmarks, than their older colleagues. Furthermore, young managers, but not old managers, exhibit trend-chasing behavior in their technology stock investments. As a result, young managers increase their technology holdings during the run-up, and decrease them during the downturn. Both results are in line with the behavior of inexperienced investors in experimental asset markets. The economic significance of young managers' actions is amplified by large inflows into their funds prior to the peak in technology stock prices"--National Bureau of Economic Research web site |
| Beschreibung: | 41, [3] S. graph. Darst. 22 cm |
Internformat
MARC
| LEADER | 00000nam a2200000zcb4500 | ||
|---|---|---|---|
| 001 | BV023593990 | ||
| 003 | DE-604 | ||
| 005 | 20081030000000.0 | ||
| 007 | t | ||
| 008 | 081010s2008 xxud||| |||| 00||| eng d | ||
| 035 | |a (OCoLC)255011230 | ||
| 035 | |a (DE-599)GBV573457972 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-521 | ||
| 050 | 0 | |a HB1 | |
| 100 | 1 | |a Greenwood, Robin |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Inexperienced investors and bubbles |c Robin Greenwood ; Stefan Nagel |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2008 | |
| 300 | |a 41, [3] S. |b graph. Darst. |c 22 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 14111 | |
| 520 | 8 | |a "We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the technology bubble, mutual funds run by younger managers are more heavily invested in technology stocks, relative to their style benchmarks, than their older colleagues. Furthermore, young managers, but not old managers, exhibit trend-chasing behavior in their technology stock investments. As a result, young managers increase their technology holdings during the run-up, and decrease them during the downturn. Both results are in line with the behavior of inexperienced investors in experimental asset markets. The economic significance of young managers' actions is amplified by large inflows into their funds prior to the peak in technology stock prices"--National Bureau of Economic Research web site | |
| 700 | 1 | |a Nagel, Stefan |d 1973- |e Verfasser |0 (DE-588)12879786X |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 14111 |w (DE-604)BV002801238 |9 14111 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w14111.pdf |z kostenfrei |3 Volltext |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-016909320 | ||
Datensatz im Suchindex
| _version_ | 1804138254167965696 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Greenwood, Robin Nagel, Stefan 1973- |
| author_GND | (DE-588)12879786X |
| author_facet | Greenwood, Robin Nagel, Stefan 1973- |
| author_role | aut aut |
| author_sort | Greenwood, Robin |
| author_variant | r g rg s n sn |
| building | Verbundindex |
| bvnumber | BV023593990 |
| callnumber-first | H - Social Science |
| callnumber-label | HB1 |
| callnumber-raw | HB1 |
| callnumber-search | HB1 |
| callnumber-sort | HB 11 |
| callnumber-subject | HB - Economic Theory and Demography |
| ctrlnum | (OCoLC)255011230 (DE-599)GBV573457972 |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02158nam a2200337zcb4500</leader><controlfield tag="001">BV023593990</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20081030000000.0</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">081010s2008 xxud||| |||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)255011230</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBV573457972</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-521</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HB1</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Greenwood, Robin</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Inexperienced investors and bubbles</subfield><subfield code="c">Robin Greenwood ; Stefan Nagel</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="b">National Bureau of Economic Research</subfield><subfield code="c">2008</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">41, [3] S.</subfield><subfield code="b">graph. Darst.</subfield><subfield code="c">22 cm</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">Working paper series / National Bureau of Economic Research</subfield><subfield code="v">14111</subfield></datafield><datafield tag="520" ind1="8" ind2=" "><subfield code="a">"We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the technology bubble, mutual funds run by younger managers are more heavily invested in technology stocks, relative to their style benchmarks, than their older colleagues. Furthermore, young managers, but not old managers, exhibit trend-chasing behavior in their technology stock investments. As a result, young managers increase their technology holdings during the run-up, and decrease them during the downturn. Both results are in line with the behavior of inexperienced investors in experimental asset markets. The economic significance of young managers' actions is amplified by large inflows into their funds prior to the peak in technology stock prices"--National Bureau of Economic Research web site</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Nagel, Stefan</subfield><subfield code="d">1973-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)12879786X</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="810" ind1="2" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.></subfield><subfield code="t">NBER working paper series</subfield><subfield code="v">14111</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">14111</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w14111.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-016909320</subfield></datafield></record></collection> |
| id | DE-604.BV023593990 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-09T21:25:16Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016909320 |
| oclc_num | 255011230 |
| open_access_boolean | 1 |
| owner | DE-521 |
| owner_facet | DE-521 |
| physical | 41, [3] S. graph. Darst. 22 cm |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Greenwood, Robin Verfasser aut Inexperienced investors and bubbles Robin Greenwood ; Stefan Nagel Cambridge, Mass. National Bureau of Economic Research 2008 41, [3] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14111 "We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the technology bubble, mutual funds run by younger managers are more heavily invested in technology stocks, relative to their style benchmarks, than their older colleagues. Furthermore, young managers, but not old managers, exhibit trend-chasing behavior in their technology stock investments. As a result, young managers increase their technology holdings during the run-up, and decrease them during the downturn. Both results are in line with the behavior of inexperienced investors in experimental asset markets. The economic significance of young managers' actions is amplified by large inflows into their funds prior to the peak in technology stock prices"--National Bureau of Economic Research web site Nagel, Stefan 1973- Verfasser (DE-588)12879786X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14111 (DE-604)BV002801238 14111 http://papers.nber.org/papers/w14111.pdf kostenfrei Volltext |
| spellingShingle | Greenwood, Robin Nagel, Stefan 1973- Inexperienced investors and bubbles |
| title | Inexperienced investors and bubbles |
| title_auth | Inexperienced investors and bubbles |
| title_exact_search | Inexperienced investors and bubbles |
| title_exact_search_txtP | Inexperienced investors and bubbles |
| title_full | Inexperienced investors and bubbles Robin Greenwood ; Stefan Nagel |
| title_fullStr | Inexperienced investors and bubbles Robin Greenwood ; Stefan Nagel |
| title_full_unstemmed | Inexperienced investors and bubbles Robin Greenwood ; Stefan Nagel |
| title_short | Inexperienced investors and bubbles |
| title_sort | inexperienced investors and bubbles |
| url | http://papers.nber.org/papers/w14111.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT greenwoodrobin inexperiencedinvestorsandbubbles AT nagelstefan inexperiencedinvestorsandbubbles |