|
Abdellaoui, M., Parameter-free Elicitation of Utilities and Probability Weighting Functions, Management Science 46, 1497-1512 (2000). Allen, F., The Market for Information and the Origin of Financial Intermediation, Journal of Financial Intermediation 1, 3-30 (1990). Banerjee, A., A Simple Model of Herd Behavior, Quarterly Journal of Economics 107, 797-817 (1992). Barberis, N. and A. Shleifer, Style Investing, Journal of Financial Economics 68, 161-199 (2003). Barberis, N., M. Huang, and T. Santos, Prospect Theory and Asset Prices, Quarterly Journal of Economics 116, 1-53 (2001). Barberis, Nicholas, and Richard Thaler, A Survey of Behavioral Finance, NBER Working Paper 9222 (2002). Benartzi, S. and R. H. Thaler, Myopic Loss-Aversion and the Equity Premium Puzzle, Quarterly Journal of Economics 110, 75–92 (1995). Bergstresser, Daniel, and James Poterba, Do after-tax Returns Affect Mutual Fund Inflows? Journal of Financial Economics 63, 381–414 (2002). Berk, Jonathan B., and Richard C. Green, Mutual Fund Flows and Performance in Rational Markets, Journal of Political Economy 112, 1269-1295 (2004). Bhattacharya, S. and Pfleiderer, P., Delegated Portfolio Management, Journal of Economic Theory, 36, 1-25 (1985). Bikhchandani, S., D. Hirshleifer, and I. Welch, A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades, Journal of Political Economy 100, 992-1026 (1992). Bingley, P., and T. Eriksson, Pay Spread and Skewness, Employee Effort and Firm Productivity. Working Paper, Aarhus (2001). Brickley James A., James S. Linck, and Coles L., Jeffrey, What Happens to CEOs after They Retire? New Evidence on Career Concerns, Horizon Problems, and CEO Incentives, Journal of Financial Economics 52, 341-377 (1999). Brown, S., Goetzman, W., Park, J., Careers and Survival: Competition and Risk in the Hedge Fund CTA Industry, Journal of Finance 56, 1869–1886 (2001). Brown, Keith C.,W. V. Harlow, and Laura T. Starks, Of Tournaments and Temptations: Analysis of Managerial Incentives in the Mutual Fund Industry, Journal of Finance 51, 85-110 (1996). Bull, C., Schotter, A. and Weigelt, K., Tournaments and Piece Rates: an experimental study. Journal of Political Economy 95, 1-33 (1987). Busse, Jeffrey A., Another Look at Mutual Fund Tournaments, Journal of Financial and Quantitative Analysis 36, 53-73 (2001). Campbell, John Y., and John H. Cochrane, By Force of Habit: A Consumption- Based Explanation of Aggregate Stock Market Behavior, Journal of Political Economy 107, 205–251 (1999). Carpenter, Jennifer N., Does Option Compensation Increase Managerial Risk Appetite? Journal of Finance 55, 2311-2331 (2000). Chevalier, J. A. and G. D. Ellison, Risk Taking by Mutual Funds as a Response to Incentives, Journal of Political Economy 105, 1167-1200 (1997). Chevalier, J. A. and G. D. Ellison, Career Concerns of Mutual Fund Managers, Quarterly Journal of Economics 114, 389-432 (1999). Clark, D.J. and Riis, C., Contests with More Than One Prize. American Economic Review 88, 276-289 (1998). Constantinides, George, Habit Formation: A Resolution of the Equity Premium Puzzle, Journal of Political Economy 98, 519–543 (1990). Constantinides, George, and Darrell Duffie, Asset Pricing with Heterogeneous Consumers, Journal of Political Economy 104, 219–240 (1996). DeGroot, M., Optimal Statistical Decisions, McGraw-Hill, New York (1970). Del Guercio, D., 1996, The Distorting Effect of the Prudent-man Laws on Institutional Equity Investment, Journal of Financial Economics 40, 31-62. Del Guercio, Diane and Tkac, Paula, The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds versus Pension Funds, Federal Reserve Bank of Atlanta, Unpublished Manuscript (2000). Dewatripont, M., Renegotiation and Information Revelation over Time: The Case of Optimal Labor Contracts. Quarterly Journal of Economics 104, 589-619 (1989). Dreman, D., Contrarian Investment Strategy: The Psychology of Stock Market Success, Random House, N.Y. (1979). Eriksson, T., Executive Compensation and Tournament Theory Empirical Tests on Danish Data, Journal of Labor Economics 17, 262–280 (1999). Falkenstein, E.G., Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings, Journal of Finance 51, 111-135 (1996). Fama, E. F., Agency Problems and the Theory of the Firm, Journal of Political Economy 83, 288-307 (1980). Friedman, B.M., A Comment: Stock Prices and Social Dynamics, Brookings Papers on Economic Activity 2, 504-508 (1984). Froot, A, Kenneth, David S. Scharfestein, and Jeremy Stein, Herd on the Street: Informational Inefficiencies in a Market with Short-Term Speculation, Journal of finance 47, 1461-1484 (1992). Fudenberg, D., and Tirole, J., Moral Hazard and Renegotiation in Agency Contracts, Econometrica 58, 1279-1319 (1990). Fung, W., Hsieh, D., A Primer on Hedge Funds, Journal of Empirical Finance 6, 309–331 (1999). Gibbons, R. and K. J. Murphy, Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence, Journal of Political Economy 100, 468- 505 (1992). Gibbons, R., Incentives in Organizations, Journal of Economic Perspectives 12 , 115– 132 (1998). Goetzmann, William, and Nadav Peles, Cognitive Dissonance and Mutual Fund Investors, Journal of Financial Research 20, 145-158 (1996). Golec, J. H., Empirical Tests of a Principal-agent Model of the Investor- Investment Advisor Relationship, Journal of Financial and Quantitative Analysis 27, 81-95 (1992). Gompers, P. and A. Metrick, Institutional Investors and Equity Prices, Quarterly Journal of Economics, 116, 229-260 (2001). Green, J., and N., Stokey, 1983, A Comparison of Tournaments and Contracts, Journal of Political Economy 91, 349–364 . Grinblatt, Mark, Sheridan Titman, and Russ Wermers, Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior, American Economic Review 85, 1088-1105 (1995). Gruber, Martin J., Another Puzzle: The Growth in Actively Managed Mutual Funds, Journal of Finance 51, 783-810 (1996). Harbring, C. and Irlenbusch, B., 2003, An Experimental Study on Tournament Design, Labour Economics 10 , 443–464. Hermalin,B.E. and M. L. Katz, Moral Hazard and Verifiability: The Effects of Renegotiation in Agency, Econometrica 59, 1735-1753 (1991). Hirshleifer D., A. Subrahmanyam, and Sheridan Titman, Security Analysis and Trading Patterns When Some Investors Receive Information Before Others, Journal of Finance, 49, 1665-1698 (1994). Hoffler, F, and Sliwka, D., Do New Brooms Sweep Clean? When and Why Dismissing a Manager Increases the Subordinates’ Performance. European Economic Review 47, 877-890 (2003). Holmström, B., Managerial Incentive Problems-A Dynamic Perspective, Essays in Economics and Management in Honor of Lars Wahlbeck (Helsinki: Swedish School of Economics) (1982). Hong, H., J.D. Kubik and A. Solomon, Security Analysts’ Career Concerns and Herding of Earnings Forecasts, RAND Journal of Economics 31, 121-144 (2000). Huddart, S., Reputation and Performance Fee Effects on Portfolio Choice by Investment Advisers, Journal of Financial Markets 2, 227-271 (1999). Hvide, Hans K., Tournament Rewards and Risk Taking, Journal of Labor Economics 20, 876-898 (2002). Ippolito, R. A., Consumer Reaction to Measures of Poor Quality: Evidence from the Mutual Fund Industry, Journal of Law and Economics 35, 45-70 (1992). Jones, S., D. Lee, and E. Weis, Herding and Feedback Trading by Different Types of Institutions and the Effects on Stock Prices, Working Paper, Indiana University – Indianapolis Campus, Kennesaw State University, and Merrill Lynch (1999). Kahneman, D. and A. Tversky, Prospect Theory: An Analysis of Decision Under Risk, Econometrica 47, 263–291 (1979). Kahneman, D., J. Knetsch, and A. Tversky, Experimental Tests of Endowment Effect and the Coase Theorem, Journal of Political Economy 98, 1325-1348 (1990). Khorana, Ajay, Top management turnover: an empirical investigation of mutual fund managers, Journal of Financial Economics 40, 403–426 (1996). Knoeber, Charles R., and Walter N. Thurman, Testing the Theory of Tournaments: an Emperical Analysis of Broiler Production, Journal of Labor Economics 12, 155-179 (1994). Koski, J., and Pontiff, J., How are Derivatives Used? Evidence from the Mutual Fund Industry. Journal of Finance 54, 791-816 (1999). Kräkel, Matthias and Dirk Sliwka, Risk Taking in Asymmetric Tournaments, German Economic Review 5, 103-116 (2004). Lakonishok, Josef, Andrei Shleifer and Robert W. Vishny, The Impact of Institutional Trading on Stock Prices, Journal of Financial Economics, 312, 23-43 (1992). Lazear, E. P. and Rosen, S., Rank Order Tournaments as Optimum Labor Contracts, Journal of Political Econom 89, 841- 864 (1981). Lazear, E.P., Personnel Economics Past Lessons and Future Directions— Presidential Address to the Society of Labor Economists, Journal of Labor Economics 17, 199–236 (1999). Lucas, Rober E., Jr., Asset Pricing in Exchange Economy, Econometrics 46, 1429- 1445 (1978). Lynch, Anthony W., and David K. Musto, How Investors Interpret Past Fund Returns, Journal of Finance 58 , 2033–2058 (2003). Ma, A. C. T., Renegotiation and Optimality in Agency Contracts. Review of Economic Studies 61, 109-129 (1994). Matthews, S. A., Renegotiation of Sales Contracts, Econometrica 63, 567-589 (1995). Modigliani, Franco, and Gerald A. Pogue, Alternative Investment Performance Fee Arrangements and Implications for SEC Regulatory Policy, Bell Journal of Economics 6, 127–160 (1975). Nalebuff, B.J. and Stiglitz, J.E., Prizes and Incentives: Towards a General Theory of Compensation and Competition, Bell Journal of Economics 3, 21-43 (1983). O’Keefe, M., Viscusi, W.K. and Zeckhauser, R.J., Economic Contests: Comparative Reward Schemes, Journal of Labor Economics 2, 27-56 (1984). Palomino, F. and Prat, A., Risk Taking and Optimal Contracts for Money Managers, Rand Journal of Economics 34 (2003). Pirinsky, C., Herding and Contrarian Trading of Institutional Investors, Working Paper, Texas A&M University (2002). Prendergast, C. and L. Stole, Impetuous Youngsters and Jaded Old-Timers: Acquiring a Reputation for Learning, Journal of Political Economy 104, 1105- 1134 (1996). Prendergast, C., The Provision of Incentives in Firms, Journal of Economic Literature 37, 7– 63 (1999). Rosen, S., Prizes and Incentives in Elimination Tournaments, American Economic Review 76, 701-715 (1986). Scharfstein, D. and J. Stein, Herd Behavior and Investment, American Economic Review 80, 465-479 (1990). Sias, Richard, W., Institutional Herding, Review of Financial Studies 17, 165- 206 (2004). Sirri, Erik R., and Peter Tufano, Costly Search and Mutual Fund Flows, Journal of Finance 53, 1589–1622 (1998). Stoughton, N., Moral Hazard and the Portfolio Management Problem, Journal of Finance, 48, 2009-2028 (1993). Taylor, Jonathan D., Risk-Taking Behavior in Mutual Fund Tournaments, Journal of Economic Behavior and Organization 50, 373–383 (2003). Thaler, Richard H., Toward a Positive Theory of Consumer Choice, Journal of Economic Behavior and Organization 1, 36-90 (1980). Thaler, Richard H., and Eric J. Johnson, Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice, Management Science 35, 643–660 (1990). Tversky, Amos and Daniel Kahneman, Advances in Prospect Theory: Cumulative Representation of Uncertainty, Journal of Risk and Uncertainty 5, 297–323 (1992). Vives, X., How Fast Do Rational Agents Learn? Review of Economic Studies 60, 329-347 (1993). Welch, I., Sequential Sales, Learning, and Cascades, Journal of Finance 47, 695- 732 (1992). Wermers, R., 1999, Mutual Fund Trading and the Impact on Stock Prices, Journal of Finance, 54, 581-622. Zwiebel, J., 1995, Corporate Conservatism and Relative Compensation, Journal of Political Economy 103, 1-25.
|