Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets

Delegated Portfolio Management, Benchmarking, and the Effects on Financial Markets
We analyze the implications of linking the compensation of fund managers to the returnof their portfolio relative to that of a benchmark—a common solution to the agencyproblem in delegated portfolio management. In the presence of such relativeperformance-based objectives, investors have reduced expected utility but markets aretypically more... READ MORE...

Publication date: September 2015
ISBN 9781513586878
$18.00

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