Bhattacharya, S. - Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor. - 1999
We show that optimal delegated portfolio management contracts-which serve to screen out uninformed agents and reward potentially informed agents sufficiently to compensate their opportunity and/or effort costs-need not imply churning, or randomised trading if uninformed, by the able screened...