Author/Authors :
ÇİTÇİ, Sadettin Haluk Gebze Yüksek Teknoloji Enstitüsü - İşletme Fakültesi - İktisat Bölümü, Turkey
Title Of Article :
Agency and Transparency in Financial Markets
Abstract :
We analyze incentive effects of transparency on delegated portfolio management. When portfolio return is observable, disclosure of portfolio composition decreases expected return and lowers the investor s ability to identify the manager s actual type. More information about the portfolio return before renewal of management agreement also decreases expected return, while, conditionally, it may provide more information about manager s actual ability.
NaturalLanguageKeyword :
transparency , career concern , delegated portfolio management
JournalTitle :
Journal Of Management and Economics
