A Unified Theory of Delegated Capital Management
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下载链接：
https://www.nber.org/papers/w34628
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资源简介：
We develop a unified theory of delegated capital management by extending the paradigm of Berk and Green (2004) from mutual funds to alternative assets. With competitive markets and rational investors, we derive the optimal contract and account for observed regularities --- performance fees,
提供机构：
美国国家经济研究局
创建时间：
2026-01-01
