Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous re...Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous research,we find that these partial imitation strategies lead to outperformance.Our‘Copycat Score’combines the propensity to imitate and to lead trades.Funds at the high and low ends of the score outperform all others.The Copycat Score is persistent in time,related to other measures of skill,and a good predictor of fund performance.We conclude that smart copycatting is another skill of successful fund managers.展开更多
China-based websites mimicking the Groupon model fight for survival in a vicious, overcrowded market After a year of reckless expansion,China’s group buying websites are facing some chilly headwinds.Gaopeng.com, a jo...China-based websites mimicking the Groupon model fight for survival in a vicious, overcrowded market After a year of reckless expansion,China’s group buying websites are facing some chilly headwinds.Gaopeng.com, a joint venture between Groupon and China’s Internet giant Tencent,展开更多
文摘Using a novel measure of stock-level trade imitation,we uncover‘smart’copycats:fund managers that use their own information when beneficial,and otherwise imitate other managers’better trades.Contrary to previous research,we find that these partial imitation strategies lead to outperformance.Our‘Copycat Score’combines the propensity to imitate and to lead trades.Funds at the high and low ends of the score outperform all others.The Copycat Score is persistent in time,related to other measures of skill,and a good predictor of fund performance.We conclude that smart copycatting is another skill of successful fund managers.
文摘China-based websites mimicking the Groupon model fight for survival in a vicious, overcrowded market After a year of reckless expansion,China’s group buying websites are facing some chilly headwinds.Gaopeng.com, a joint venture between Groupon and China’s Internet giant Tencent,
