This paper studies the portfolio choice of strategic fund managers in the presence of a peer-based underperformance penalty. Evidence is taken from the Colombian pension fund management industry, where six asset managers are in charge of portfolio allocation for the mandatory contributions of the working population. These managers are subject to a peer-based underperformance penalty, known as the Minimum Return Guarantee. The trading behavior by the...
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INFORMATION
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2014/07/01
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Document de travail de recherche sur les politiques
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WPS6994
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1
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1
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2014/07/01
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Disclosed
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Strategic interactions and portfolio choice in money management : evidence from Colombian pension funds
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Finance & Private Sector Development