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 their managers and make firing decisions. This leads to career concerns …

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 career concerns which affect investment decisions, generating a …

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 career concerns which affect investment decisions, generating a …

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 beliefs on their managers and make firing decisions. This leads to career …