Optimism bias, portfolio delegation, and economic welfare

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• 作者：Jian Wang^a ; ^b ; ^c ; Xiaoting Wang^d ; Xintian Zhuang^a ; Jun Yang^e ; ^{jun.yang@acadiau.ca}
• 关键词：D81 ; D82 ; G11
• 刊名：Economics Letters
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：150
• 期：Complete
• 页码：111-113
• 全文大小：365 K
• 卷排序：150

文摘

We explore the effects of investor optimism bias in portfolio delegation. The optimistic investor increases portfolio delegation. The risk-averse fund manager reduces investment in the risky asset. The investor suffers welfare loss due to lower expected return. The fund manager enjoys increased compensation.