Schanzenbach, Max M.; Sitkoff, Robert H. - In: Journal of Law and Economics 50 (2007), pp. 681-711
This paper investigates the effect of changes in state prudent trust investment laws on asset allocation in noncommercial trusts. The old prudent-man rule favored “safe†investments and disfavored “speculation†in stock. The new prudent-investor rule directs trustees to craft...