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| Author: | Goldman, E. Slezak, S.L. |
| Title: | Delegated portfolio management and rational prolonged mispricing |
| Journal: | Journal of Finance
2003 : FEB, VOL. 58:1, p. 283-312 |
| Index terms: | Delegation Information Investment Portfolio management Pricing |
| Language: | eng |
| Abstract: | It is examined in this paper how information becomes reflected in prices when investment decisions are delegated to fund managers whose tenure may be shorter than the time it takes for their private information to become public. A sequence of managers is considered, where each subsequent manager inherits the portfolio of their predecessor. It is shown that the inherited portfolio distorts the subsequent manager's incentive to trade on long-term information. |
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