英文标题：
《Wisdom of the institutional crowd》
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作者：
Kevin Primicerio, Damien Challet, Stanislao Gualdi
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最新提交年份：
2017
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英文摘要：
The average portfolio structure of institutional investors is shown to have properties which account for transaction costs in an optimal way. This implies that financial institutions unknowingly display collective rationality, or Wisdom of the Crowd. Individual deviations from the rational benchmark are ample, which illustrates that system-wide rationality does not need nearly rational individuals. Finally we discuss the importance of accounting for constraints when assessing the presence of Wisdom of the Crowd.
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中文摘要：
机构投资者的平均投资组合结构具有以最佳方式解释交易成本的属性。这意味着金融机构在不知不觉中表现出集体理性，或群体智慧。个体与理性基准的偏差很大，这说明全系统理性并不需要近乎理性的个体。最后，我们讨论了在评估人群智慧的存在时考虑约束的重要性。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Statistical Finance 统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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