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- Holzmeister, Felix, et al.
(författare)
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Delegation Decisions in Finance
- 2020
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We run an online experiment with finance professionals and subjects from the general population (clients) to examine drivers and implications of clients' delegation decisions. We find that clients favor delegation to investment algorithms, followed by delegation to finance professionals with aligned incentives and lastly to those with fixed incentives. We also show that trust in investment algorithms or money managers (finance professionals), respectively, and clients' propensity to shift blame on others increases the likelihood of delegation, whereas own decision-making quality is associated with a decrease. In measuring the implications of clients' delegation decisions, we report high variability among finance professionals' perceptions of clients' preferred risk levels. We show that this results in overlaps in portfolio risk across risk-levels of clients, indicating problems of risk communication between clients and their money managers.
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| 2. |
- Ignat, Razvan, 1973-, et al.
(författare)
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Triaxial Extension and Tension behavior of Lime-Cement improved clay
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- The performance of Deep Mixing columns installed on the passive side of excavation supporting structures was investigated by means of two instrumented full-scale tests conducted in Enköping, in eastern Sweden, during 2014. In these tests, a braced steel sheet pile wall interacting with panels of overlapping Dry Deep Mixing columns was excavated and loaded to failure. This paper present the results of a series of undrained and drained isotropic consolidated triaxial extension, tension and compression laboratory tests on lime-cement improved clay with a binder of lime-cement similar to that used in the experimental field tests. The different stress paths to failure, with the purpose to reflect the stress path to failure from the experimental field tests, were obtained by varying the direction of the major and minor principle stresses in a conventional triaxial test cell. The undrained tests revealed that at low consolidation stresses, corresponding to depth of approximately 0-10 m below the ground surface, significant stress induced anisotropy was observed depending on the direction of the major and minor principle stresses. Based on undrained triaxial test results, a relationship between the undrained strength, effective consolidation stress and OCR is presented for different stress paths to failure.The experimental data of the drained tests show that a failure surface comprising of a shear failure function based on Mohr-Coulomb failure criterion and a tensile failure function based on the tensile strength and the confining stress can be applied for lime-cement stabilized clay.
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