Asset Management Contracts and Equilibrium Prices
收藏NBER2014-09-01 更新2025-01-04 收录
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https://www.nber.org/papers/w20480
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We derive equilibrium asset prices when fund managers deviate from benchmark indices to exploit noise-trader induced distortions but fund investors constrain these deviations. Because constraints force managers to buy assets that they underweight when these assets appreciate, overvalued assets have
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美国国家经济研究局创建时间：
2014-09-01
