Delegated Portfolio Management, No Churning, and Relative Performance-Based Incentive/Sorting Schemes
We show that optimal delegated portfolio management contracts-which serve to screen out uninformed agents and reward potentially informed agents sufficiently to compensate their opportunity and/or effort costs-need not imply churning, or randomised trading if uninformed, by the able screened agents, despite limited liability for them which limits the amount of screenable heterogeneity among agents.
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|Date of creation:||1999|
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