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How do fund managers invest: self strategy or herding in private pension funds?

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dc.contributor.author Olivares, José A.
dc.contributor.author Sepúlveda, Jean P.
dc.date.accessioned 2014-11-12T17:28:26Z
dc.date.available 2014-11-12T17:28:26Z
dc.date.issued 2007-09-10
dc.identifier.uri http://hdl.handle.net/11447/15
dc.description.abstract We use Sias (2004) approach to decompose the correlation among investment strategies followed by pension funds administrators in the Chilean private pension fund system during the periods 1997-2001 and 2002-2005, and find that most of this correlation is explained by herding behavior. That is, fund managers mimicking the investment strategy of other funds. We argue that the obligated minimum guaranteed return that pension funds institutions must fulfill, created the incentive for fund managers to herd. es_CL
dc.language.iso en es_CL
dc.subject Fondos de pensiones es_CL
dc.title How do fund managers invest: self strategy or herding in private pension funds? es_CL
dc.type Working Paper es_CL


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