منابع مشابه
The Macroeconomics of Delegated Management
We are interested in the macroeconomic implications of the separation of ownership and control. An alternative decentralized interpretation of the stochastic growth model is proposed, one where shareholders hire a self-interested manager who is in charge of the firm’s hiring and investment decisions. Delegation is seen to give rise to a generic conflict of interests between shareholders and man...
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چکیده ندارد.
15 صفحه اولOverconfidence and delegated portfolio management∗
Following extensive empirical evidence about “market anomalies” and overconfidence, the analysis of financial markets with agents overconfident about the precision of their private information has received a lot of attention. However, all these models consider agents trading for their own account. In this article, we analyse a standard delegated portfolio management problem between a financial ...
متن کاملIncentive Contracts in Delegated Portfolio Management
This paper analyzes optimal non-linear portfolio management contracts. We consider a setting where the investor faces moral hazard with respect to the effort and risk choices of the portfolio manager. The manager’s employment contract promises her: (a) a fixed payment, (b) a proportional asset-based fee, (c) a benchmark-linked fulcrum fee, and (d) a benchmark-linked option-type “bonus” incentiv...
متن کاملNetwork management views using delegated agents
The lack of an appropriate external data model is one of the reasons for the dearth of eeective network management applications. Many network management computations over Management Information Bases (mibs) cannot be practically accomplished through remote interactions. This paper describes the design of an mib Computations System that supports the dynamic deenition of external data models for ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2003
ISSN: 1556-5068
DOI: 10.2139/ssrn.423182