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


  • Yao, Jean-Marie


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.

Suggested Citation

  • Yao, Jean-Marie, 2006. "Les relations investisseurs - Gérants dans l’industrie des fonds d’investissement
    [Investors and managers relationship in investment funds industry]
    ," MPRA Paper 4543, University Library of Munich, Germany, revised Jun 2007.
  • Handle: RePEc:pra:mprapa:4543

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    References listed on IDEAS

    1. Devereux, Michael P & Griffith, Rachel, 2003. "Evaluating Tax Policy for Location Decisions," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 10(2), pages 107-126, March.
    2. Mark Armstrong, 2006. "Competition in two‐sided markets," RAND Journal of Economics, RAND Corporation, vol. 37(3), pages 668-691, September.
    3. d'Aspremont, C & Gabszewicz, Jean Jaskold & Thisse, J-F, 1979. "On Hotelling's "Stability in Competition"," Econometrica, Econometric Society, vol. 47(5), pages 1145-1150, September.
    4. Jaskold Gabszewicz, J. & Thisse, J. -F., 1979. "Price competition, quality and income disparities," Journal of Economic Theory, Elsevier, vol. 20(3), pages 340-359, June.
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    More about this item


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

    JEL classification:

    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • G2 - Financial Economics - - Financial Institutions and Services

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