public intervention, and finally exit. When the blockholder faces short-term incentives, the threat of public intervention … incentive horizons, reduction in public intervention by a blockholder with short-term incentives strengthens public intervention … by the other with long-term incentives. This ameliorates the free-rider problem and restores the credibility of the …

) is that competition among fund managers should provide them with the incentives to make investment decisions that would … evidence that competitive pressure leads to improved performance. We conclude that incentives and competition are not perfect …