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A behavioural theory of the fund management firm

机译：基金管理公司的行为理论

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The paper outlines a behavioural theory of the fund manager (FM) firm comprising investment decisions (at stock and portfolio levels) by teams and individuals, and of an organisation process and contextual resource factors affecting decisions. FM organisational processes interacted with resources to enhance investment team decision conditions, costs and processes. Enhanced conditions and reduced decision costs were expected to improve the chances of FM success via new information production and better-quality decisions. These dynamic elements to FM firms can be interpreted as tentative organisational means to deal with major problems of behaviour, uncertainty and information asymmetry at the heart of the valuation, investment and performance problems facing FMs. Field research was conducted in 15 FM firms during 2004-2011. A grounded theory approach was employed in processing the data. This led to improvements in empirical understanding of behaviour within FM firms and markets. The results were discussed relative to relevant literature and previous grounded theory. This created a new conceptual tool to investigate FM underperformance and variety in FM styles. The paper demonstrated an empirically rich model of hierarchy, information production, capital allocation and other resource usage in financial institutions and discussed how this created further opportunities for research.
机译：本文概述了基金管理公司（FM）公司的行为理论，其中包括团队和个人的投资决策（在股票和投资组合层面），以及组织过程和影响决策的环境资源因素。 FM组织流程与资源互动，以增强投资团队的决策条件，成本和流程。期望通过新的信息生产和质量更高的决策来改善条件并降低决策成本，从而提高FM成功的机会。 FM公司的这些动态要素可以被解释为试探性的组织手段，用于处理FM所面临的估值，投资和绩效问题的核心问题-行为，不确定性和信息不对称。 2004-2011年期间，对15家FM公司进行了实地研究。在处理数据时采用了扎根的理论方法。这导致对FM公司和市场内的行为的经验理解得到改善。相对于相关文献和先前扎根的理论讨论了结果。这创建了一个新的概念工具，用于调查FM风格的FM性能不佳和多样性。本文展示了一个经验丰富的层次结构，信息生产，资本分配和金融机构中其他资源使用的模型，并讨论了它如何为研究提供了更多的机会。

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