Why Do Fund Managers Identify and Share Profitable Ideas?
研究基金经理私下分享投资建议的组织数据，发现买入建议带来正异常收益、卖出建议带来负异常收益，并探讨了技能型投资者分享盈利想法的动机：获取反馈和吸引套利资本以纠正错误定价。
We study data from an organization in which fund managers privately share and discuss detailed investment recommendations. Buy recommendations generate positive abnormal returns, and sell recommendations result in negative abnormal returns. In the context of these results, we explore an important economic question: Why do skilled investors share profitable ideas with others? Evidence suggests that the managers in our sample share to receive feedback on their ideas and to attract additional arbitrageur capital to the securities they recommend in order to correct mispricings.