Economists Klakow Akepanidtaworn, Rick Di Mascio, Alex Imas and Lawrence Schmidt provide new and thought-provoking insights into the performance of institutional portfolio managers. This technical analysis should be of particular value to pension fund trustees and financial professionals, as it highlights a consistent pattern of errors investment managers make by using rule-of-thumb strategies for securities sales. Interestingly, these blunders don’t seem to occur in buy decisions, when managers rely less on heuristics.
About the Authors
Klakow Akepanidtaworn, Alex Imas and Lawrence Schmidt are academics at the University of Chicago, Carnegie Mellon University and MIT, respectively. Rick Di Mascio is CEO of Inalytics Ltd., an investment analysis firm.
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