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- W2912271282 abstract "This paper addresses the issue of reputational herding between fund managers. The model presented analyzes how herding depends on the fee structure, competition environment, quality of information in the market, and the density of talented fund managers. Environments where net fund balance growth depends on reputation of talent rather than fund return have more equilibria involving herding between the fund managers. These inefficient equilibria are found to be removed when the ratio of the performance fee rate to management fee rate is high enough. The model also shows that having fund managers compete against each other induces herding when net fund balance growth depends on fund returns, but surprisingly removes herding equilibria when net fund balance growth depends on reputation of talent. The effect of the quality of information in the market and density of talented fund managers differs across different assumptions and equilibria constraints." @default.
- W2912271282 created "2019-02-21" @default.
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- W2912271282 date "2011-01-01" @default.
- W2912271282 modified "2023-10-16" @default.
- W2912271282 title "Performance-Based Fee Structures: A Possible Market Stabilizer and Herding Deterrence" @default.
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- W2912271282 doi "https://doi.org/10.2139/ssrn.1933600" @default.
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