— so the claim. Similarly, mutual fund managers with heterogenous portfolios would violate their fiduciary duty to act in ….These results establish that even if a violation of fiduciary duty could be formally established in a legal sense when firm managers … ownership claims that the reported effects, if true, would imply that corporate executives violate their fiduciary duty: whereas …

provide second opinions to assist them in 1) monitoring managers with career concerns, and 2) approving firm investments … use of experts are unnecessary as managers will choose to seek out second opinions on their own. Mandates can be …

, these findings are consistent with the theory that there are significant costs, not just benefits, to exposing managers to …