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| Tekijä: | Fernandes, J.L.B.(et al.) |
| Otsikko: | Delegated portfolio management and risk-taking behavior |
| Lehti: | European Journal of Finance
2010 : APR-JUN, VOL. 16:3-4, p. 353-372 |
| Asiasana: | portfolio management risk behaviour models |
| Vapaa asiasana: | agency prospect theory mutual funds |
| Kieli: | eng |
| Tiivistelmä: | Based on a comprehensive world sample of 4584 mutual funds,empirical evidence gives support to this theoretical model. In this paper proposes a behavioral principal-agent model in the context of professional managers, focusing on active and passive investment strategies and evaluate how incentives affect the risk-taking behavior of managers, considering the standard moral hazard model as a special case, and solve the previous contradiction. |
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