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150128 ||| eng |
020 |
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|a 9781451860146
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100 |
1 |
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|a Chakravorti, Sujit
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245 |
0 |
0 |
|a Managerial Incentives and Financial Contagion
|c Sujit Chakravorti, Subir Lall
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2004
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300 |
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|a 37 pages
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651 |
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4 |
|a United States
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653 |
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|a Payment Systems
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653 |
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|a Finance
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653 |
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|a Industries: Financial Services
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653 |
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|a Regimes
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653 |
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|a Deflation
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653 |
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|a Money
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653 |
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|a International Financial Markets
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653 |
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|a Asset prices
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653 |
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|a Standards
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653 |
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|a Financial markets
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653 |
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|a Emerging and frontier financial markets
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653 |
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|a Currencies
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653 |
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|a Macroeconomics
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653 |
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|a Investment Decisions
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653 |
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|a Government and the Monetary System
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653 |
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|a Inflation
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653 |
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|a Institutional Investors
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653 |
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|a Pension Funds
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653 |
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|a Monetary economics
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653 |
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|a Financial institutions
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653 |
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|a Hedge funds
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653 |
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|a Financial Instruments
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653 |
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|a Capital market
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653 |
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|a Financial Aspects of Economic Integration
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653 |
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|a General Financial Markets: General (includes Measurement and Data)
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653 |
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|a Non-bank Financial Institutions
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653 |
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|a Price Level
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653 |
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|a Monetary Systems
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653 |
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|a Financial services industry
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653 |
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|a Prices
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653 |
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|a Money and Monetary Policy
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653 |
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|a Finance: General
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653 |
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|a Portfolio Choice
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653 |
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|a Securities markets
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700 |
1 |
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|a Lall, Subir
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041 |
0 |
7 |
|a eng
|2 ISO 639-2
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989 |
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|b IMF
|a International Monetary Fund
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490 |
0 |
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|a IMF Working Papers
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028 |
5 |
0 |
|a 10.5089/9781451860146.001
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856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2004/199/001.2004.issue-199-en.xml?cid=17780-com-dsp-marc
|x Verlag
|3 Volltext
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082 |
0 |
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|a 330
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520 |
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|a This paper proposes a framework for comovements of asset prices with seemingly unrelated fundamentals, as an outcome of optimal portfolio strategies by fund managers. In emerging markets, dedicated managers outperforming a benchmark index and global managers maximizing absolute returns lead to systematic interactions between asset prices, without asymmetric information. The model determines optimal portfolio weights, the incidence of relative value strategies, and the systematic deviation of prices from fundamentals with limits to arbitraging this differential. Managerial compensation contracts, optimal at the firm level, may lead to inefficiencies at the macroeconomic level. Conditions are identified when shocks in one emerging market affect others
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