Delegated Portfolio Management and Risk Taking Behavior
Preprint
OPEN
José Luiz Barros Fernandes
;
Juan Ignacio Peña
;
Benjamin Miranda Tabak
(2009)
Standard models of moral hazard predict a negative relationship between risk and incentives; however empirical studies on mutual funds present mixed results. In this paper, we propose a behavioral principal-agent model in the context of professional managers, focusing o...
View more