Institutional Investor Expectations, Manager Performance, and Fund Flows
利用调查数据，分析机构投资者对基金经理未来业绩的预期如何影响资产配置决策，发现机构主要依据过往业绩和投资顾问建议分配资金，而非简单外推预期，表明其决策中存在代理考量。
Using survey data, we analyze institutional investors’ expectations about the future performance of fund managers and the impact of those expectations on asset allocation decisions. We find that institutional investors allocate funds mainly on the basis of fund managers’ past performance and of investment consultants’ recommendations, but not because they extrapolate their expectations from these. This suggests that institutional investors base their investment decisions on the most defensible variables at their disposal and supports the existence of agency considerations in their decision making.