Inexperienced Investors and Bubbles
利用科技泡沫期间的共同基金经理数据，检验缺乏经验的投资者在资产价格泡沫形成中的作用。研究发现，年轻经理更重仓科技股且表现出追涨杀跌行为，其行为与实验资产市场中缺乏经验的投资者一致。
"We use mutual fund manager data from the technology bubble to examine the hypothesis that inexperienced investors play a role in the formation of asset price bubbles. Using age as a proxy for managers' investment experience, we find that around the peak of the technology bubble, mutual funds run by younger managers are more heavily invested in technology stocks, relative to their style benchmarks, than their older colleagues. Furthermore, young managers, but not old managers, exhibit trend-chasing behavior in their technology stock investments. As a result, young managers increase their technology holdings during the run-up, and decrease them during the downturn. Both results are in line with the behavior of inexperienced investors in experimental asset markets. The economic significance of young managers' actions is amplified by large inflows into their funds prior to the peak in technology stock prices"--National Bureau of Economic Research web site