Fund Managers, Career Concerns, and Asset Price Volatility
收藏NBER2009-04-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w14898
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资源简介：
We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some managers have superior information on the default probability. Looking at the past performance, investors update beliefs on their managers and make firing decisions. This leads to career
提供机构：
美国国家经济研究局
创建时间：
2009-04-01
