We suggest a simple asset market model in which we analyze competitive and strategic behavior simultaneously. If two-fund separation is found to hold across periods for competitive behavior, it also holds for strategic behavior. In this case the relative prices of the assets do not depend on...

The supply of venture capital to SMEs in England varies dramatically from one region to the other. This study, however, shows that the distribution of capital around the country would be considerably more uneven were it not for the activities of publicly-backed funds. Most are almost unique...

Das Anlagefondsgeschäft zählt, nicht zuletzt aufgrund der demographischen Entwicklung, zu einemder am stärksten wachsenden Segmente innerhalb der Finanzdienstleistungsindustrie. Dabei istdie zukünftige Entwicklung einerseits durch eine zunehmende Konkurrenzierung durch...

This paper analyzes competition between mutual funds in a multiple fundsversion of the model of Hugonnier and Kaniel [18]. We characterize the setof equilibria for this delegated portfolio management game and show thatthere exists a unique Pareto optimal equilibrium. The main result of thispaper...