Efficiently Inefficient Markets for Assets and Asset Management
نویسندگان
چکیده
منابع مشابه
Efficiently Inefficient Markets for Assets and Asset Management∗
We consider a model where investors can invest directly or search for an asset manager, information about assets is costly, and managers charge an endogenous fee. In equilibrium, the efficiency of asset prices is linked to the efficiency of the asset management market: (1) if investors can find managers more easily then more money is allocated to active management, fees are lower, and asset pri...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2018
ISSN: 0022-1082
DOI: 10.1111/jofi.12696