We study incentive contracts in asset management business under dynamic actions and relationships between an investor, a partner of an investment company, and a fund manager of the company. The investor cannot perfectly observe the partner and manager’s actions, and similarly, the partner...

The scope of this paper is to enhance the model for the own-company stockholder (given in Desmettre, Gould and Szimayer (2010)), who can voluntarily performance-link his personal wealth to his man- agement success by acquiring stocks in the own-company whose value he can directly influence via...

This paper studies a class of robust mean-variance portfolio selection problems with state-dependent risk aversion. Model uncertainty, in the sense of considering alternative dominated models, is introduced to the problem to reflect the investor's ambiguity aversion. To characterize the robust...

Abstract: Venture Capital-Geber leisten einen entscheidenden Beitrag zur Finanzierung von jungen innovativen Unternehmen. Diese Investoren engagieren sich nicht nur monetär, sondern beraten die Jungunternehmer auch. Dabei ist die Beziehung zwischen den beiden Parteien durch eine Vielzahl von...