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Le conflit d'agence dans la gestion déléguée de portefeuille : une revue de littérature

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Author Info

  • Raphaëlle Bellando

Abstract

This paper surveys the literature on the agency problem in portfolio management delegation. The fact that there is no optimal contract in this case is well-documented. More recent papers have shown that this problem can be solved by adding to the contract some management constraints. However some empirical studies about implicit incentives demonstrate the convexity of the manager?s compensation, due to an asymmetric flow-performance relationship. Finally, we review empirical work about two important consequences of this agency problem: herding and excessive risk taking.

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Bibliographic Info

Article provided by Dalloz in its journal Revue d'économie politique.

Volume (Year): Volume 118 (2008)
Issue (Month): 3 ()
Pages: 317-339

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Handle: RePEc:cai:repdal:redp_183_0317

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Web page: http://www.cairn.info/revue-d-economie-politique.htm

Related research

Keywords: portfolio management; agency problem; mutual funds;

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Cited by:
  1. Raphaëlle Bellando & Sébastien Ringuedé, 2009. "Compétition entre fonds et prise de risque excessive : une application empirique au cas français," Working Papers halshs-00451027, HAL.

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