Bannier, Christina E. (contributor); … - 2006
. Assuming that the manager is dismissed in the event of such
a crisis and assuming that his beneflts from misbehavior in the … event may still be ine–cient, i.e. it might have been prevented had only su–ciently
many investors decided not to redeem … exogenous event suggesting a severe shock to the value of the fund’s assets,
liquidity transformation should not have been much …