Gervais, Simon; Lynch, Anthony W.; Musto, David K. - 2004
realized returns, she expects inefficiency in future contracts that condition exclusively on realized returns.(...) … number of managers
grows, the efficiency loss goes to zero.
1 Introduction
Open-end mutual funds intermediate much of the … funds monitored by the family grows, the per-manager likelihood of a difference goes to
zero and, in the limit, managers are …