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Economics of Career Concerns and Financial Markets


Marketed By :  LAP LAMBERT Academic Publishing   Sold By :  Kamal Books International  
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  • Product Description

My book solves two important puzzles in the …nancial economics literature using career concerns approach. First, I analyze why fund managers invest in short-maturity assets when they could obtain larger pro…ts in assets with longer maturity. Chapter 1 provides an explanation to this fact based on labor contracts signed between institutional investors and fund managers. A numerical analysis characterizes situations in which young (old) managers prefer short-maturity (long-maturity) positions. Second, Istudy why traders invest under asymmetric information. In order to answer this question, Chapter 2 includes a model of delegated portfolio management. My model then strengths previous explanations to the trade puzzle, predicting an increasing trade activity as long as institutional investors with intense delegation play an increasing role in fi…nancial markets. Finally, I analyze the e¤ect of the career concerns on fi…nancial information disclosure. In the context of auditing relationship, the main result is that the earning management and the audit effort are decreasing over the time because the incentives to build a reputation also decline for both agents.

Product Specifications
SKU :COC69823
AuthorYolanda Ildaura Portilla Sotomayor
Number of Pages64
Publishing Year2011-08-05T00:00:00.000
Edition1 st
Book TypeEconomics
Country of ManufactureIndia
Product BrandLAP LAMBERT Academic Publishing
Product Packaging InfoBox
In The Box1 Piece
Product First Available On ClickOnCare.com2015-07-08 00:00:00