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The authors develop a new theory of delegated investment whereby managers compete in terms of composition of the portfolios they promise to acquire. They study the resulting asset pricing in the inter-manager market.
The authors develop a new theory of delegated investment whereby managers compete in terms of composition of the portfolios they promise to acquire. They study the resulting asset pricing in the inter-manager market.
Type : | Working paper |
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Date : | 22/12/2011 |
Keywords : |
Portfolio Management |