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Les problèmes d’agence dans la délégation de gestion de portefeuille : une revue de littérature

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  • Raphaëlle BELLANDO

Abstract

This paper surveys the literature on the agency problem in portfolio management delegation. The fact that there is no optimal contract in this case is well-documented. More recent papers have shown that this problem can be solved by adding to the contract some management constraints. However some empirical studies about implicit incentives demonstrate the convexity of the manager's compensation, due to an asymmetric relation between flow of funds and the past performances of the fund. Finally, we review empirical work about two important consequences of this agency problem: excessive risk taking and herding.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Raphaëlle BELLANDO, 2006. "Les problèmes d’agence dans la délégation de gestion de portefeuille : une revue de littérature," LEO Working Papers / DR LEO 1140, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    • Handle: RePEc:leo:wpaper:1140
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    Cited by:

    1. Raphaëlle Bellando & Sébastien Ringuedé, 2007. "Compétition entre fonds et prise de risque excessive : une application empirique au cas des OPCVM actions de droit français," Post-Print halshs-00226341, HAL.

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    Keywords

    Mutual funds;

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