Chen, Qi (contributor); Goldstein, Itay (contributor); … - 2006
, ownership patterns are broadly consistent with the an optimal-contracting equilibrium. That is, ownership is positively and … for the benefits
from increased monitoring. This is legitimate as long as the costs and benefits are not correlated, which … Kacperczyk, Sialm, and Zheng (2006) vary from fund to fund, and are strongly persistent at the fund
level), and on the costs …