Investment Management and Risk Sharing with Multiple Managers
研究投资者为何雇佣多个基金经理管理资金，在排除专业化和分散化动机后，发现风险分担是充分理由，并分析了经理数量增减的条件。
ABSTRACT This paper addresses the investor's decision to employ multiple managers for the management of investment funds. Under conditions such that specialization of managers and diversification among managers are not motives for the use of multiple managers, the paper shows that risk sharing considerations may be sufficient. A model is developed in which the decision to use multiple managers is explicitly treated, and conditions are studied such that an increase or decrease in the number of managers would be desirable. Under some conditions, a multiple manager solution is preferred over a single manager solution.