Agency and Transparency in Financial Markets

Bu çalışmada finansal piyasalardaki şeffaflığın (kamuyu aydınlatmanın) yetkilendirilmişportföy yönetimi üzerindeki teşvik etkileri analiz edilmiştir. Portföy getirisinin gözlemlenebilirolduğu durumda, portföy kompozisyonunun ifşa edilmesi, portföyün beklenen getirisini düşürmekteve yatırımcının portföy yöneticisinin gerçek yatırım kabiliyetini de öğrenmesini güçleştirmektedir.Portföy yönetim anlaşmasının yenilenmesinden önce yatırımcının portföy getirisini gözlemlemesi de,portföyün beklenen getirisini düşürmekte, fakat bazı şartlara bağlı olarak yatırımcının portföyyöneticisinin yatırım kabiliyeti hakkında daha fazla bilgi edinmesini sağlamakta dır.

Finansal Piyasalarda Vekillik ve Şeffaflık

We analyze incentive effects of transparency on delegated portfolio management. Whenportfolio return is observable, disclosure of portfolio composition decreases expected return andlowers the investor's ability to identify the manager's actual type. More information about theportfolio return before renewal of management agreement also decreases expected return, while,conditionally, it may provide more information about manager's actual ability.

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