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دسته بندی:
مدیریت مالی - Financial Management
سال انتشار:
2018
عنوان انگلیسی مقاله:
Management sub-advising in the mutual fund industry
ترجمه فارسی عنوان مقاله:
توصیه فرعی مدیریتی در صنعت سرمایه گذاری دوطرفه
منبع:
Journal of Financial Economics Volume 127, Issue 3, March 2018, Pages 567-587
نویسنده:
David Moreno, Rosa Rodríguez, Rafael Zambrana
چکیده انگلیسی:
This is a study of how contractual mechanisms can mitigate agency conflicts in sub-advised mutual funds. Sub-advising contracts allow fund families to expand their product offerings to include new investment styles and thereby gain market share. We show that costly contractual arrangements, such as co-branding, multi-advising, and performance-based compensation, can mitigate agency conflicts in outsourcing and protect investors from potential underperformance. Fund families will find it cost-effective to implement such incentive mechanisms only when investors are sophisticated in assessing manager skill. The findings help to explain why a large percentage of fund families outsource their funds to advisory firms.
keywords: Outsourcing |Sub-advisor |Mutual funds |Management company |Incentive contracts |Fund performance |Market share |Agency issue
قیمت: رایگان
توضیحات اضافی: نظر
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