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We analyze the implications of linking the compensation of fund managers to the return of their portfolio relative to that of a benchmark-a common solution to the agency problem in delegated portfolio management. In the presence of such relativeperformance- based objectives, investors have...
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This paper analyzes the transmission of global liquidity to the ASEAN-5 countries (ASEAN-5), including the impact on … financial landscapes and risks to financial stability. It finds that global liquidity transmission and changing financial … prepare for possible liquidity tightening, strengthen regulation of nonbanks, and establish a comprehensive financial …
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productivity and TFP, reduces bank and government subsidies, alleviates leverage and administrative expenses, improves liquidity …
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