The Agency Problems of Institutional Investors

CFA Digest
January 2018 | Vol. 48 | No. 1
Source: CFA Institute
Lucian A. Bebchuk Alma Cohen Scott Hirst
Michal Szudejko, CFA (Reviewer)



Investment fund managers are imperfect agents for investors. The authors develop a framework for analyzing the agency problems associated with institutional ownership. The goal of the proposed framework is to identify the direction and manner in which the behavior of investment fund managers may deviate from the interests of their beneficial investors.

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