Chapter 9: Incentives in Funds Management: A Literature Overview - Handbook of Financial Intermediation and Banking [Book]

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CHAPTER 9 Incentives in Funds Management: A Literature Overview

Sudipto Bhattacharya

London School of Economics

Amil Dasgupta

London School of Economics

Alexander Guembel

Oxford University

Andrea Prat

London School of Economics

1. Introduction

2. Theories of Incentives for Fund Managers and Informative Experts

2.1. Principal-Agent Models: Effort Choice, Delegation, and Screening

2.2. Optimal Contracts Based on Verifiable Portfolio Composition Choices and Returns

2.3. Returns-Based and Relative Performance-Based Contracts

2.4. Conformist Trading: The Roles of Career Concerns

2.5. Fund Manager Incentives and Uninformed Trading

2.6. General Equilibrium Implications of Fund Manager Incentives

3. Evidence on the Choices and Rewards of Analysts ...

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