General equilibrium asset pricing with decreasing returns to scale | Sean Crockett | AES

How should we interpret fund size, manager skill and risk-adjusted returns when investment opportunities exhibit decreasing returns to scale? Sean Crockett presents a theoretical and laboratory study of mutual-fund performance, including how correlations among funds affect the asset-pricing implications. General equilibrium asset pricing with decreasing returns to scale Sean Crockett — Chapman University (affiliation at recording) Accounting and Economics Society research webinar Recorded November 17, 2023 Authors, in recorded title-slide order: Peter Bossaerts Sean Crockett Xinan Fan Felix Fattinger Max Ruan This is the recorded working-paper presentation; later versions may differ. The full original teaching canvas and speaker camera are preserved. Substantive and contextual discussion within the presentation is retained; introductory housekeeping and final Q&A are omitted. AES event listing: https://sites.google.com/site/acctheo... Presenter: https://www.chapman.edu/our-faculty/s... Accounting and Economics Society: https://accountingtheory.org/ Thumbnail headline: Asset pricing with decreasing returns to scale. The Futurist-inspired tug-of-war artwork is a fictional editorial metaphor, not a portrait of the presenter or a depiction of the experiment's participants, task, sample size, outcomes or a proven winner. Music:- MBB & ASHUTOSH - Sky Watch:-    • MBB & ASHUTOSH - Sky   https://www.ashutoshmusic.com/music Production: short excerpt, level normalization and fades for the four-second paper opening; music ends before presentation speech.