投资委员会的优化设计

IF 1.5 Q3 BUSINESS, FINANCE
Bernd Scherer
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引用次数: 0

摘要

投资委员会在资产管理公司、私人和公共机构投资者或家族理财室中随处可见。在投资管理行业,设计糟糕的董事会可能会毁掉大量价值,但对其最佳设计的研究却很少。根据我30年来作为投资者、多家公司首席信息官和学术研究人员的经验,我认为,典型的投资委员会都面临着未解决的挑战。使用定性小组讨论来创建一个共识的观点会导致偏见(群体转移偏见),激励问题(搭便车)和聚集问题。我们如何确保所有的投资观点都能平等地进入投资委员会?在我看来,我们可以从社会心理学中收集的证据中学习委员会如何做出更好的投资决策。我建议通过平均匿名成员的投资组合来建立算法共识,而不是在投资委员会会议结束时进行非正式的定性讨论。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Optimal design of investment committees

Investment committees are widespread across asset management firms, private and public institutional investors or family offices. Poorly designed boards can potentially destroy substantial value in the investment management industry, yet little research has been undertaken on their optimal design. From my 30-year experience as an investor, CIO for various firms and academic researcher, I believe that typical investment committees come with unaddressed challenges. Using qualitative group discussions to create a consensus view results in biases (group shift bias), incentive problems (free-rider) and aggregation problems. How can we ensure that all investment views enter the investment committee equally? In my opinion, we can learn from evidence gathered in social psychology how committees can make better investment decisions. I suggest creating an algorithmic consensus by averaging anonymous member portfolios instead of informal qualitative discussions towards the end of an investment committee meeting.

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来源期刊
Journal of Asset Management
Journal of Asset Management BUSINESS, FINANCE-
CiteScore
4.10
自引率
0.00%
发文量
44
期刊介绍: The Journal of Asset Management covers:new investment strategies, methodologies and techniquesnew products and trading developmentsimportant regulatory and legal developmentsemerging trends in asset managementUnder the guidance of its expert Editors and an eminent international Editorial Board, Journal of Asset Management has developed to provide an international forum for latest thinking, techniques and developments for the Fund Management Industry, from high-growth investment strategies to modelling and managing risk, from active management to index tracking. The Journal has established itself as a key bridge between applied academic research, commercial best practice and regulatory interests, globally.Each issue of Journal of Asset Management publishes detailed, authoritative briefings, analysis, research and reviews by leading experts in the field, to keep subscribers up to date with the latest developments and thinking in asset management.Journal of Asset Management covers:asset allocation hedge fund strategies risk definition and management index tracking performance measurement stock selection investment methodologies and techniques portfolio management and weighting product development and innovation active asset management style analysis strategies to match client profiles time horizons emerging markets alternative investments derivatives and hedging instruments pensions economics
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