Suchergebnisse

This book provides a comprehensive overview of the development and status of fintech in China. Occupying core position in fintech development, big data takes on stronger superiority and application value. Meanwhile, blockchain and other technological innovations, which are used to serve data, greatly promote the growth of fintech industry. Furthermore, not only the benefits are illustrated by the authors, but also the financial risks and noise caused by fintech and big data are discussed. By using both academic knowledge and newest real cases in China, this timely book will appeal to practitioners, academics, and policy makers.

We study the behavior of a mutual fund manager in a discrete‐time model, in which new investors may choose to invest in the fund after the fund manager has made trading decisions. We show that under certain conditions the fund manager may choose to buy overvalued assets at the expense of the investors in order to attract new investments, who would otherwise not invest in the fund. This can potentially lead to higher risky asset prices and a higher‐than‐optimal proportion of investment in risky assets in the active fund management industry.