English, Article, Journal or magazine article edition: How the Financial ManagersÕ Remuneration Can Affect the Optimal Portfolio Composition ? Francesco MENONCIN

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Bookmark: http://trove.nla.gov.au/version/178396
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • How the Financial ManagersÕ Remuneration Can Affect the Optimal Portfolio Composition ?
Author
  • Francesco MENONCIN
Physical Description
  • preprint
Notes
  • In this paper we analyse the problem of an investor who must decide whether to manage his wealth by himself or give it in outsourcing. Financial managers are supposed to charge a commission composed of a fixed (A) and a variable (x) part, both deducted from portfolio payoffs. We demonstrate that the optimal portfolio composition crucially depends on the magnitude of A and x. We make a general analysis of this dependence and, in particular, we show that high level of A (respectively, x) lead to an outsourced portfolio which has a lower (respectively, higher) risk-return profile with respect to the self-managed portfolio.
  • optimal portfolio;outsourcing; managersÕremuneration
  • RePEc:ctl:louvir:2002022
Language
  • English
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