Delegated Investment Management in Alternative Assets
研究发现，持有传统股票和债券组合的机构投资者更可能投资另类资产，但另类资产表现显著低于股票，且90%的另类投资委托给外部管理人，这些中介通过高收费和低回报攫取了大部分分散化收益。
Abstract Institutional investors can be segmented into investors that hold simple portfolios of traditional equities and bonds, and investors that manage complex strategies in public and private markets. Investors implementing active portfolio management and holding diversified portfolios of equities and bonds are more likely to invest in alternative asset classes. The performance of institutional investors in alternative assets is significantly lower than in equities, suggesting that investors accept lower returns in exchange for diversification benefits. Institutions delegate 90% of their alternative investments to external managers and funds-of-funds. These intermediaries capture large part of the potential diversification benefits through higher fees and lower returns. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.