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We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some managers have superior information on the default probability. Looking at the past performance, investors update beliefs on their managers and make firing decisions. This leads to...
Persistent link: https://www.econbiz.de/10005710479
We propose a model of delegated portfolio management with career concerns. Investors hire fund managers to invest their capital either in risky bonds or in riskless assets. Some managers have superior information on the default risk. Looking at the past performance, investors update beliefs on...
Persistent link: https://www.econbiz.de/10009144726
Persistent link: https://www.econbiz.de/10008249841
Persistent link: https://www.econbiz.de/10010013166
We propose a model of delegated portfolio management with career concerns. Investors hire fund managers to invest their capital either in risky bonds or in riskless assets. Some managers have superior information on the default probability. Looking at the past performance, investors update...
Persistent link: https://www.econbiz.de/10013143133
We propose a model of delegated portfolio management with career concerns. Investors hire fund managers to invest their capital either in risky bonds or in riskless assets. Some managers have superior information on the default risk. Looking at the past performance, investors update beliefs on...
Persistent link: https://www.econbiz.de/10013122142
Persistent link: https://www.econbiz.de/10009242929
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