000			02205cam a22003257 4500
001			w14111
003			NBER
005			20211020111745.0
006			m o d
007			cr cnu||||||||
008			210910s2008 mau fo 000 0 eng d
100	1		_aGreenwood, Robin. _930031
245	1	0	_aInexperienced Investors and Bubbles / _cRobin Greenwood, Stefan Nagel.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2008.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w14111
500			_aJune 2008.
520	3		_aWe 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.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aG11 - Portfolio Choice • Investment Decisions _2Journal of Economic Literature class.
700	1		_aNagel, Stefan. _917392
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w14111.
856	4	0	_uhttps://www.nber.org/papers/w14111
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w14111
942			_2ddc _cW-PAPER
999			_c334010 _d292572