Agency Based Asset Pricing and Empirical Evidence in China
2010
The development of funds,which is a portfolio management agency,changes the investing structure.Some investors do not directly invest in the stock market,but do so through the funds.Then the agency problem between investors and fund manager should be incorporated into the asset pricing model.This paper makes a theoretical and empirical analysis of this problem,and finds that the agency problem is an important factor in asset pricing as the existence of funds.
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