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Les relations investisseurs - Gérants dans l’industrie des fonds d’investissement
[Investors and managers relationship in investment funds industry]

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  • Yao, Jean-Marie

Abstract

In this study we aim to determine the impact of investor behavior on investment funds strategies. Initially, we define the ideal profile of a potential investor in funds by highlighting risk aversion. We present a usual successive generation model in an open economy to characterize asset allocation. This approach will enable us to understand the distribution strategies. In the second time, differentiation strategies analysis will help us to understand the level of competition between firms on a given place. The results allow us to define the determinants that help a firm to choose between total differentiation and imitation. ---------- Dans cette étude nous nous proposons de cerner l’impact du comportement des investisseurs sur les stratégies des firmes de fonds d’investissement. Dans un premier temps, nous définissons le profil idéal d’un investisseur potentiel en fonds en tenant compte de son aversion pour le risque. Nous présentons un modèle usuel à générations successives dans une économie ouverte pour caractériser les choix de ventilations de produits actifs risqués et actifs sans risques. Cette approche nous permettra de comprendre les stratégies de recherche de clientèle des firmes de fonds d’investissement. Dans un second temps, l’analyse des stratégies de différenciation nous permettra de comprendre le niveau de concurrence que se livrent les firmes localisées sur une place donnée. Nous cherchons à comprendre le niveau de différenciation dans la sélection de clientèle. Ce résultat devrait nous permettre de définir les conditions dans lesquelles les firmes privilégient une stratégie de différenciation maximale par rapport à leurs concurrentes.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4543.

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Date of creation: Jun 2006
Date of revision: Jun 2007
Handle: RePEc:pra:mprapa:4543

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Related research

Keywords: Investment Funds; Investors; Managers; Differentiation; Space economy. ---- Fonds d’investissement; Investisseurs; Mnageurs; Différenciation; Economie spatiale;

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  1. GABSZEWICZ, Jean J. & THISSE, Jacques-François, . "Price competition, quality and income disparities," CORE Discussion Papers RP -370, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. Devereux, Michael P & Griffith, Rachel, 2002. "Evaluating Tax Policy for Location Decisions," CEPR Discussion Papers 3247, C.E.P.R. Discussion Papers.
  3. Robert A. Mundell, 2002. "The international monetary system: quo vadis," Discussion Papers 0102-34, Columbia University, Department of Economics.
  4. d'ASPREMONT, Claude & GABSZEWICZ, Jean J. & THISSE, Jacques-François, . "On Hotelling's "Stability in competition"," CORE Discussion Papers RP -385, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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