search query: @author Heinkel, R. / total: 10
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| Author: | Heinkel, R. Stoughton, N. |
| Title: | The dynamics of portfolio management contracts |
| Journal: | Review of Financial Studies
1994 : SUMMER, VOL. 7:2, p. 351-387 |
| Index terms: | PORTFOLIO MANAGEMENT CONTRACTS FINANCE |
| Language: | eng |
| Abstract: | The authors consider the multiperiod relationship between a client and a portfolio manager and the resulting problem of motivating a manager of unknown ability to acquire valuable information. They explore the contractual forms and the optimal retention policies of the client and find that the optimal initial set of contracts features a smaller performance-based fee component paid to the manager than in a first-best contract, and the contract choice elicits only partial information about the manager. |
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