Managing other people's money: An agency theory in financial management industry
构建主动资产管理模型，研究基金经理的职业担忧与市场条件如何相互作用，发现基金过度投资市场中性策略，且牛熊市下资金流对业绩的敏感度不同。
Abstract We build an active asset management model to study the interplay between the career concerns of a manager and prevailing market conditions. We show that fund managers overinvest in market‐neutral strategies, as these have a reputational benefit. This benefit is smaller in bull markets, when investors expect more managers to use high‐beta strategies, making their performance less informative about their ability than in bear markets. Consequently, fund flows that follow high‐beta strategies are less responsive to the fund's performance, and flow‐performance sensitivity is higher in bear markets than in bull markets.