- 1 Basic Setup
- 1.1 Preferences and Beliefs
- 1.2 Information Acquisition
- 1.3 Sequence of Events
- 1.4 Solving the Model
- 2 Partial Equilibrium Results
- 2.1 Direct Investment
- 2.2 Delegated Investment
- 2.3 Delegated Investment with Benchmarking
- 3 Equilibrium Impact of Delegation under Benchmarking
- 3.1 The Economy
- 3.2 Certainty Equivalent of Delegation
- 3.3 The Equilibrium Price in Presence of Delegation
- 3.4 Expected Returns
- 4 Conclusion
- Appendix
- References
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