We build an active asset management model to study the interplay between the career concerns of a manager and prevailing market conditions. We show that fund managers overinvest in market-neutral strategies, as these have a reputational benefit. This benefit is smaller in bull markets, when investors expect more managers to use high-beta strategies, making their performance less informative about their ability than in bear markets. Consequently, fund flows that follow high-beta strategies are less responsive to the fund's performance, and flow-performance sensitivity is higher in bear markets than in bull markets.

中文翻译：

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管理别人的钱：财务管理行业的代理理论

我们建立了一个主动资产管理模型来研究经理的职业关注与当前市场状况之间的相互作用。我们发现基金经理过度投资于市场中性策略，因为这些策略有利于声誉。这种好处在牛市中较小，因为投资者期望更多的管理者使用高贝塔策略，从而使他们的业绩比熊市中更能体现他们的能力。因此，遵循高贝塔策略的资金流向对基金业绩的反应较小，而且熊市中的资金流向业绩敏感度高于牛市。