Earticle

초록

영어

This paper examines whether the fund concentration is driven by informational advantage or managers’ overconfidence, and, furthermore, the determinants that force fund managers to hold concentrated funds. Comparing the performance between diversified funds and focused funds, we find that concentrated funds are induced by overconfident behavior of managers. To analyze what drives managers to hold concentrated funds, we explore self-attribution bias, demographic characteristics of managers, and sharing-the-blame effect. Using a unique and detailed dataset, we find that age and the number of managers are main driving forces behind fund managers’ overconfidence, suggesting that demographic characteristic and sharing-theblame effect influence fund concentration.

목차

Abstract
 1. Introduction
 2. Data, measures, and variables
  2.1. Data
  2.2. Fund concentration measures
  2.3. Fund performance measures
  2.4. Variables used in the study
 3. Fund concentration and its performance
  3.1. Evidence of fund concentration
  3.2. Fund concentration and performance
 4. What drives fund managers to hold concentrated portfolios?
  4.1. Basic portfolio-based analysis
  4.2. Double sorting portfolio analysis
  4.3. Regression analysis
  4.4. Alternative explanations
 5. Conclusion
 References
 Table

키워드

저자

• Jee-Hyun Kim [ Business School, Seoul National University ] Corresponding Author.
• Hyuk Choe [ Business School, Seoul National University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330