Journal title
Estudios de Economía

   
ARTICLE
TITLE

Incentive Schemes and Innovative Portfolios

SUMMARY

This article characterizes the properties of the compensation scheme of delegated portfolio management that would lead to the selection of high risk-high return portfolios. In particular, it provides conditions under which a non-monotone payment structure emerges as an optimal contract, which rewards extreme results and punishes moderate ones.

PAGES
pp. pp. 43 - 66

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