@phdthesis{Kremer2012, author = {Kremer, Andreas}, title = {Delegated Portfolio Management - Optimal Portfolio Policies under Compensation, Capital Flow and Price Influence}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:739-opus-26919}, school = {Universit{\"a}t Passau}, year = {2012}, abstract = {This work investigates the intertemporal portfolio optimization of professional portfolio managers. It analyzes whether the special conditions of delegation in which portfolio managers make investment decisions - compensation depending on assets under management, capital flow depending on past performance, and influence on prices - can explain the observable investment patterns of portfolio managers. It further evaluates optimal portfolio policies from the primary investor's perspective.}, subject = {Portfoliomanagement}, language = {en} }