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Inexperienced investors and bubbles

机译：经验不足的投资者和泡沫

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摘要

We 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.
机译：我们使用技术泡沫中的共同基金经理数据来检验以下假设：经验不足的投资者在资产价格泡沫的形成中起着作用。用年龄来代替经理人的投资经验，我们发现，在技术泡沫达到顶峰的时候，年轻经理人管理的共同基金相对于风格基准而言，对技术股票的投资要多于老同事。此外，年轻的经理而不是老经理在其技术股票投资中表现出追赶趋势的行为。结果，年轻的经理人在试生产期间增加了他们的技术资产，而在经济低迷时期减少了他们的技术资产。两项结果均与经验不足的投资者在实验性资产市场中的行为一致。在技​​术股票价格达到峰值之前，大量资金流入其年轻经理人的行为的经济意义被放大。

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