Thy Neighbor's Portfolio : Word - of - Mouth Effects in The Holdings And Trades of Money Managers  

Oleh:

Stein, Jeremy C. ; Hong, Harrison ; Kubik, Jeffrey D.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 6 (Dec. 2005), page 2801-2824.
Topik: MONEY; investment advisors; investment policy; mutual funds; location analysis; studies
Fulltext: p 2801.pdf (133.39KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

A mutual fund manager is more likely to buy (or sell) a particular stock in any quarter if other managers in the same city are buying (or selling) that same stock. This pattern shows up even when the fund manager and the stock in question are located far apart, so it is distinct from anything having to do with local preference. The evidence can be interpreted in terms of an epidemic model in which investors spread information about stocks to one another by word of mouth.

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