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Persistent link: https://www.econbiz.de/10010238598
Active fund managers implicitly promise to research profitable portfolio selection. But active management is an experience good subject to moral hazard. Investors cannot tell high from low quality up front and therefore fear manager shirking. We show how the parties mitigate the moral hazard by...
Persistent link: https://www.econbiz.de/10011516010
Persistent link: https://www.econbiz.de/10010495446
Active fund managers implicitly promise to research profitable portfolio selection. But active management is an experience good subject to moral hazard. Investors cannot tell high from low quality up front and therefore fear manager shirking. We show how the parties mitigate the moral hazard by...
Persistent link: https://www.econbiz.de/10013036430
Persistent link: https://www.econbiz.de/10011625298