Investment Management and Risk Sharing with Multiple Managers

Christopher B. Barry · Laura T. Starks

47 citations0/0 files storedThe Journal of Finance

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Risk and Portfolio Optimization Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

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.

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1979Moral Hazard and Observability 1964Risk Aversion in the Small and in the Large 1976Risk Aversion in the Small and in the Large 1977A critique of the asset pricing theory's tests Part I: On past and potential testability of the theory 1979Risk Sharing and Incentives in the Principal and Agent Relationship 1978Optimal Risk Sharing and the Leasing of Natural Resources, with Application to Oil and Gas Leasing on the Ocs 1977The Economic Efficiency of Financial Markets.

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