The DOI matches its Crossref record; 60 of the 60 references it cites were found in a registry or an index.
Money Doctors
Open accessAbstract
We present a new model of investors delegating portfolio management to professionals based on trust. Trust in the manager reduces an investor's perception of the riskiness of a given investment, and allows managers to charge fees. Money managers compete for investor funds by setting fees, but because of trust, fees do not fall to costs. In equilibrium, fees are higher for assets with higher expected return, managers on average underperform the market net of fees, but investors nevertheless prefer to hire managers to investing on their own. When investors hold biased expectations, trust causes managers to pander to investor beliefs.
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Citations
Cites
Does Social Capital Have an Economic Payoff? A Cross-Country Investigation
Knack, S., & Keefer, P. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355300555475 · Cited by 7,484
Noise Trader Risk in Financial Markets
De Long, J. B., Shleifer, A., Summers, L. H., & Waldmann, R. J. (1990) · Journal of Political Economy · doi:10.1086/261703 · Cited by 6,234
Self-citationShleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03807.x · Cited by 5,291
Self-citationTHE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–1964
Jensen, M. C. (1968) · The Journal of Finance · doi:10.1111/j.1540-6261.1968.tb00815.x · Cited by 4,329
A model of investor sentiment /
Barberis, N., Vishny, R. W., Shleifer, A., & Research., N. B. O. E. (1997) · University of Michigan Library Repository · Cited by 4,013
Self-citationThe Role of Social Capital in Financial Development
Guiso, L., Sapienza, P., & Zingales, L. (2004) · American Economic Review · doi:10.1257/0002828041464498 · Cited by 3,107
Barberis, N., Shleifer, A., & Vishny, R. (1998) · Journal of Financial Economics · doi:10.1016/s0304-405x(98)00027-0 · Cited by 2,858
Self-citationScharfstein, D. S., & Stein, J. C. (1988) · American Economic Review · Cited by 2,783
Porta, R. L., Lopez-de-Silane, F., Shleifer, A., & Vishny, R. (1996) · National Bureau of Economic Research · doi:10.3386/w5864 · Cited by 2,474
Self-citationRisk Taking by Mutual Funds as a Response to Incentives
Chevalier, J., & Ellison, G. (1997) · Journal of Political Economy · doi:10.1086/516389 · Cited by 2,290
Cited by
Hirshleifer, D. (2015) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-092214-043752 · Cited by 497
Fintech in the time of COVID−19: Technological adoption during crises
Fu, J., & Mishra, M. (2022) · Journal of Financial Intermediation · doi:10.1016/j.jfi.2021.100945 · Cited by 273
International Comparative Household Finance
Badarinza, C., Campbell, J. Y., & Ramadorai, T. (2016) · Annual Review of Economics · doi:10.1146/annurev-economics-080315-015425 · Cited by 218
Metadata
- Authors
- GENNAIOLI, N., SHLEIFER, A., & VISHNY, R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2015-01-19
- Volume
- 70
- Issue
- 1
- Pages
- 91-114
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2327840979
- Cited by
- 537
- References
- 60
- FWCI
- 57.46
- Type
- journal article
- Language
- en
- Open access
- green
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
