Dybvig, Philip H.; Farnsworth, Heber K.; Carpenter, Jennifer - 2004
management fees but adopt passive strategies.
In summary, this paper makes three main contributions. First, it shows that
trading … in fact the manager’s ability is
common knowledge from the outset. Rather, there is moral hazard in informa-
tion ….Ofcourse,theimplicationsofthiscontractmaybe
a lot different in our single-period model than in a multiperiod world in which
the amount of funds under management can …