Equilibrium prices in the presence of delegated portfolio management

This paper analyzes the asset pricing implications of commonly used portfolio management contracts linking the compensation of fund managers to the excess return of the managed portfolio over a benchmark portfolio. The contract parameters, the extent of delegation, and equilibrium prices are all det...

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Bibliographic Details
Published in:Journal of financial economics 2011-08, Vol.101 (2), p.264-296
Main Authors: Cuoco, Domenico, Kaniel, Ron
Format: Article
Language:English
Subjects:
Agency
Anreiz
Asset pricing
Asset pricing Delegation Agency Money management General equilibrium
Börsenkurs
Compensation
Delegation
Equilibrium
Fees & charges
Financial analysis
Financial theory
Fund management
Führungskräfte
General economic equilibrium
General equilibrium
Investmentfonds
Management contracts
Money management
Portfolio management
Portfolios
Prices
Rates of return
Stochastic models
Stock prices
Studies
Vertragstheorie
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