The shamans of wall street: a real conundrum in finance. Why systematically poor performing asset managers survive?
| dc.contributor.author | Delgado, Francisco A. | |
| dc.contributor.author | Cueto Saco, Diego C. | |
| dc.date.accessioned | 2021-11-05T16:39:10Z | |
| dc.date.available | 2021-11-05T16:39:10Z | |
| dc.date.issued | 2012-06-30 | |
| dc.description.abstract | In this paper we propose a behavioral explanation for the survival of poorly performing asset managers. We argue that, in general, asset managers make use of copious amounts of correct but useless information to convince investors about their supposed superior ability to interpret the market. Their marketing skills and motivational speeches seem to be enough to maintain asset managers in business regardless of the results. We present data that show how bad a number of asset managers can be. We also show how prevalent asset managers’ underperformance is. We argue that some Wall Street professionals are able to fool almost all of their clients most of the time into believing that they add value in the services they provide while the data show that this is not true. What we cannot show with this data is whether managers actually believe they are as good as they claim they are, or are not just shamans, albeit shameless as well. | en_EN |
| dc.description.abstract | En este artículo proponemos una explicación conductual sobre la supervivencia de gerentes de inversiones incompetentes. Aquí argumentamos que, en general, los gerentes de inversiones hacen uso de voluminosas cantidades de correcta pero ineficaz información para convencer a sus inversores acerca de su supuesta superior habilidad para interpretar el mercado. Sus destrezas en marketing y discursos motivacionales parecen ser suficientes para mantener a los gerentes de inversiones dentro del negocio, sin tener en cuenta sus resultados. Aquí presentamos datos que muestran qué tan malos un número de gerentes de inversiones pueden ser. También mostramos cuán prevalentemente pobre es su rendimiento. Nosotros sostenemos que algunos de los pro-fesionales de Wall Street son capaces de engañar a casi todos sus clientes la mayoría del tiempo haciéndoles creer que ellos le añaden valor a los servicios que les prestan, mientas que los datos señalan que no es verdad. Lo que no podemos demostrar con estos datos es si los gerentes realmente creen que ellos son buenos, o que solamente son unos chamanes, aunque descarados. | es_ES |
| dc.identifier | https://revistas.esan.edu.pe/index.php/jefas/article/view/232 | |
| dc.identifier.citation | Delgado, F. A., & Cueto, D. C. (2012). The shamans of Wall Street: a real conundrum in finance. Why systematically poor performing asset managers survive?. Journal of Economics, Finance and Administrative Science, 17(32), 31-40. https://doi.org/10.46631/jefas.2012.v17n32.03 | |
| dc.identifier.doi | https://doi.org/10.46631/jefas.2012.v17n32.03 | |
| dc.identifier.uri | https://hdl.handle.net/20.500.12640/2637 | |
| dc.language.iso | eng | |
| dc.publisher | Universidad ESAN. ESAN Ediciones | |
| dc.publisher.country | PE | |
| dc.relation.ispartof | urn:issn:2218-0648 | |
| dc.relation.uri | https://revistas.esan.edu.pe/index.php/jefas/article/view/232/358 | |
| dc.rights | Attribution 4.0 International | * |
| dc.rights | info:eu-repo/semantics/openAccess | es_ES |
| dc.rights.uri | https://creativecommons.org/licenses/by/4.0 | |
| dc.subject | Asset Management | en_EN |
| dc.subject | Performance Evaluation | en_EN |
| dc.subject | Behavioral Finance | en_EN |
| dc.subject | Alpha | en_EN |
| dc.subject | Emerging Market Equity | en_EN |
| dc.subject | Gerente de inversiones | es_ES |
| dc.subject | Evaluación de desempeño | es_ES |
| dc.subject | Conducta financiera | es_ES |
| dc.subject | Alpha | es_ES |
| dc.subject | Acciones de mercados emergentes | es_ES |
| dc.subject.ocde | https://purl.org/pe-repo/ocde/ford#5.02.04 | |
| dc.title | The shamans of wall street: a real conundrum in finance. Why systematically poor performing asset managers survive? | en_EN |
| dc.type | info:eu-repo/semantics/article | |
| dc.type.other | Artículo | |
| dc.type.version | info:eu-repo/semantics/publishedVersion | |
| oaire.citation.endPage | 40 | |
| oaire.citation.issue | 32 | |
| oaire.citation.startPage | 31 | |
| oaire.citation.title | Journal of Economics, Finance and Administrative Science | |
| oaire.citation.volume | 17 |
