Empirical Tests of a Principal-Agent Model of the Investor-Investment Advisor Relationship
构建了投资者与投资顾问间的委托代理模型，发现顾问薪酬参数取决于信息服务的特性和风险分担程度，并用共同基金数据验证了部分预测。
This paper develops a specialized principal-agent model of the investor-investment advisor relationship and embeds the standard advisory compensation schedule in the model. Advisors are endowed with information-gathering abilities and investors are endowed with funds. Information-gathering services are traded indirectly through the investor's receipt of portfolio returns net of advisory fees. Model results show that the parameters of the compensation schedule are both a function of the idiosyncracies of an advisor's information services and the degree of risk sharing between the advisor and investor. Several predictions of the model are supported using data on mutual fund advisors. Unsupported predictions may be due to self-selection of advisors by risk tolerance.