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Delegated Portfolio Management, No Churning, and Relative Performance-Based Incentive/Sorting Schemes

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  • Bhattacharya, S.

Abstract

We show that optimal delegated portfolio management contracts-which serve to screen out uninformed agents and reward potentially informed agents sufficiently to compensate their opportunity and/or effort costs-need not imply churning, or randomised trading if uninformed, by the able screened agents, despite limited liability for them which limits the amount of screenable heterogeneity among agents.

Suggested Citation

  • Bhattacharya, S., 1999. "Delegated Portfolio Management, No Churning, and Relative Performance-Based Incentive/Sorting Schemes," Papers 99-22, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
  • Handle: RePEc:fth:pnegmi:99-22
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    Cited by:

    1. Sandeep Kapur & Allan Timmermann, 2005. "Relative Performance Evaluation Contracts and Asset Market Equilibrium," Economic Journal, Royal Economic Society, vol. 115(506), pages 1077-1102, October.
    2. Livio Stracca, 2006. "Delegated Portfolio Management: A Survey Of The Theoretical Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 20(5), pages 823-848, December.

    More about this item

    Keywords

    INVESTMENTS ; PORTFOLIO ; FINANCIAL INSTITUTIONS ; STOCK MARKET;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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