{"entities":{"Q2217060":{"pageid":2227803,"ns":120,"title":"Item:Q2217060","lastrevid":57266211,"modified":"2026-03-27T17:15:17Z","type":"item","id":"Q2217060","labels":{"en":{"language":"en","value":"A continuous-time version of a delegated asset management problem"}},"descriptions":{"en":{"language":"en","value":"scientific article; zbMATH DE number 7288609"}},"aliases":{},"claims":{"P31":[{"mainsnak":{"snaktype":"value","property":"P31","hash":"fd5912e4dab4b881a8eb0eb27e7893fef55176ad","datavalue":{"value":{"entity-type":"item","numeric-id":56887,"id":"Q56887"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$54C7A8BE-0178-415D-B8DB-431AF13EB5AA","rank":"normal"}],"P159":[{"mainsnak":{"snaktype":"value","property":"P159","hash":"033e72a3effed2c6eb0c306b4114fddf3eaf8f8c","datavalue":{"value":{"text":"A continuous-time version of a delegated asset management problem","language":"en"},"type":"monolingualtext"},"datatype":"monolingualtext"},"type":"statement","id":"Q2217060$E68577EB-6F8C-4634-8B3A-7DC0F1F00DF7","rank":"normal"}],"P225":[{"mainsnak":{"snaktype":"value","property":"P225","hash":"50fb9051d10c4b04646f281fe2a0959920c6eb12","datavalue":{"value":"1459.91176","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q2217060$3B604A53-A1AC-49FE-9A7C-CE37A6008DB9","rank":"normal"}],"P27":[{"mainsnak":{"snaktype":"value","property":"P27","hash":"2f0a34a22991e69d55d3295563287e9a0babbed6","datavalue":{"value":"10.1155/2020/9097321","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q2217060$53DCF3F0-6196-492E-B090-9376BA534824","rank":"normal"}],"P16":[{"mainsnak":{"snaktype":"value","property":"P16","hash":"b5ca03f1bb029dbfb6e6856e919ed44ea162fd64","datavalue":{"value":{"entity-type":"item","numeric-id":613657,"id":"Q613657"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$350742B5-8A64-43E9-AD95-068B0474C2CD","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P16","hash":"e08367930665c79ed21f05646e92fb4e024a943e","datavalue":{"value":{"entity-type":"item","numeric-id":2217059,"id":"Q2217059"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$275631A4-E316-4476-A085-2884C1A9A5D0","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P16","hash":"ec800cc305f371db413ad833be3b3bc23724f897","datavalue":{"value":{"entity-type":"item","numeric-id":311576,"id":"Q311576"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$054393E2-8192-4AC4-B71C-8A11519FBB45","rank":"normal"}],"P200":[{"mainsnak":{"snaktype":"value","property":"P200","hash":"3dc97bc0aff607b9c22ce37ffa18b6de85001d90","datavalue":{"value":{"entity-type":"item","numeric-id":86199,"id":"Q86199"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$06DD22B4-F01E-4323-93B2-D20DC08B0470","rank":"normal"}],"P28":[{"mainsnak":{"snaktype":"value","property":"P28","hash":"5c6f414822b60b0d20866b86007f1060703b5674","datavalue":{"value":{"time":"+2020-12-18T00:00:00Z","timezone":0,"before":0,"after":0,"precision":11,"calendarmodel":"http://www.wikidata.org/entity/Q1985727"},"type":"time"},"datatype":"time"},"type":"statement","id":"Q2217060$D7F4CB32-2870-4F17-9052-62FDBE94469F","rank":"normal"}],"P1448":[{"mainsnak":{"snaktype":"value","property":"P1448","hash":"18bd041f4b468c2710bc88b13c103e490f2d0a91","datavalue":{"value":"Summary: This paper develops a continuous-time model to study the widely used investment mandates in the institutional asset management industry. In this paper, just like \\textit{Z. He} and \\textit{W. Xiong} [``Delegated asset management, investment mandates, and capital immobility'', J. Financial Econ. 107, No. 2, 239--258 (2013; \\url{doi:10.1016/j.jfineco.2012.08.010})], we suppose that the asset management industry has a two-layered incentive structure, and fund families charging investors fixed management fees while compensating individual fund managers based on fund performance. Different from [loc. cit.], we suppose that the fund family aims to select an optimal incentive strategy to maximize its terminal benefits, while the fund manager needs to select the optimal effort level and the optimal investment portfolio to maximize his terminal net discounted compensation in a continuous-time model. By using dynamic programming principle and stochastic differential game theory, the optimal strategies and value functions of both sides are derived. At last, numerical studies are provided to illustrate the effects of all the parameters on the optimal strategies. The result reveals that the optimal incentive mechanism will redistribute both the benefit of the fund families and the cost of the fund managers' effort.","type":"string"},"datatype":"string"},"type":"statement","id":"Q2217060$28E94316-C198-4254-837E-3CB450DC5732","rank":"normal"}],"P226":[{"mainsnak":{"snaktype":"value","property":"P226","hash":"7f918b855cc4e1ef3c50dee94916276dca231342","datavalue":{"value":"91G10","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q2217060$E7E402FD-DC0A-4616-8938-4D81ACE19BBE","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P226","hash":"e3bc6c7cda8279d6ad2b578e7a7e4967447c3cc4","datavalue":{"value":"93E20","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q2217060$5747CF40-E63A-44C5-A115-A38E39229EC4","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P226","hash":"651aacfab66715b36f1b30f7c887e7c9392a48a1","datavalue":{"value":"91A23","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q2217060$3CD85C94-4B34-47B0-B1D4-3C5FBFD3E516","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P226","hash":"d5c83f057600e5614b7fec59c8e4ac61cb41ba8d","datavalue":{"value":"91A80","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q2217060$67AAC54B-A8E1-412C-986F-865BF9AC5FAB","rank":"normal"}],"P1451":[{"mainsnak":{"snaktype":"value","property":"P1451","hash":"9a14558abb54e32af5f5230ef18f613de1a903ed","datavalue":{"value":"7288609","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q2217060$0C7D541D-5782-4524-8D2A-5CD222C4DA02","rank":"normal"}],"P1460":[{"mainsnak":{"snaktype":"value","property":"P1460","hash":"57f7fea50d2ce1b39b695c4a1313582eed405e38","datavalue":{"value":{"entity-type":"item","numeric-id":5976449,"id":"Q5976449"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$EBAA9DAA-B238-4BCB-B1F4-049D2775A4DD","rank":"normal"}],"P205":[{"mainsnak":{"snaktype":"value","property":"P205","hash":"d9d4d4ed423657bbfa9052161a74a9d2d6025789","datavalue":{"value":"https://doi.org/10.1155/2020/9097321","type":"string"},"datatype":"url"},"type":"statement","id":"Q2217060$3D73C521-0558-48CF-8AA1-3C196C6C09D7","rank":"normal"}],"P388":[{"mainsnak":{"snaktype":"value","property":"P388","hash":"218f20008fbcb2da8ef4a9e2661b8e8c066a2b3f","datavalue":{"value":"W3106881515","type":"string"},"datatype":"external-id"},"type":"statement","id":"Q2217060$E0AD6B89-A3B0-4BBA-9047-6884A1D51BBA","rank":"normal"}],"P223":[{"mainsnak":{"snaktype":"value","property":"P223","hash":"96c969883e1833778dd1a1ca7c9296b1c156db5d","datavalue":{"value":{"entity-type":"item","numeric-id":3748017,"id":"Q3748017"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$CE7FF905-93B8-4886-9481-ECBB0FF7A6DA","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"1cbd1971f4e8f83fffb98047de58bd9d637bba4e","datavalue":{"value":{"entity-type":"item","numeric-id":1317329,"id":"Q1317329"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$DC0AB6E8-7222-4C02-83B6-33117F6D381D","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"f87b1b7c52aa34443ba398bbe39c02f7a5233ed3","datavalue":{"value":{"entity-type":"item","numeric-id":673263,"id":"Q673263"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$3375B62C-DE2E-4B06-9991-E647F6CC5394","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"4a7e0ab0313f13d51403ccf82b76b64018f581cc","datavalue":{"value":{"entity-type":"item","numeric-id":1270062,"id":"Q1270062"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$F843CDA9-C0E6-41F2-ABF3-127DB456D2AA","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"683135d21d134d730f9bc5230fbeed9b613d1387","datavalue":{"value":{"entity-type":"item","numeric-id":1572946,"id":"Q1572946"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$A58E6882-C5D2-4501-91F0-BE4A54C1C0EF","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"5aca146c16240257cfb014510f715515dbb2820d","datavalue":{"value":{"entity-type":"item","numeric-id":2391249,"id":"Q2391249"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$EDC94AA9-418C-4EF0-A74B-2A2A99140716","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"5744b0407b00456824a518532ec55d69d981a977","datavalue":{"value":{"entity-type":"item","numeric-id":663167,"id":"Q663167"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$7240A97E-AD36-49E8-A6ED-DBC2176298CF","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"9d595cacb05dcb266f794b9ba45807268007662c","datavalue":{"value":{"entity-type":"item","numeric-id":3521316,"id":"Q3521316"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$32C55185-941F-4C25-97D9-DF12472B50C8","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P223","hash":"d50cbe71062cd308a7826656cb05e8fe3968d34c","datavalue":{"value":{"entity-type":"item","numeric-id":4032143,"id":"Q4032143"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$FEACB56C-4869-45F7-B2E0-5F8A34EE5A81","rank":"normal"}],"P1643":[{"mainsnak":{"snaktype":"value","property":"P1643","hash":"f0b53c45e51d4cca40e2b861557f68b257859849","datavalue":{"value":{"entity-type":"item","numeric-id":5863710,"id":"Q5863710"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"24767ec8260fb23e392f0f2e309e515935aebc46","datavalue":{"value":{"amount":"+0.89191663","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"ac3c626774dcd0d16f89557f66586245841a01db","datavalue":{"value":{"entity-type":"item","numeric-id":6767936,"id":"Q6767936"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2217060$EF6D0F1D-5756-47BE-85F2-5714BCFDAC82","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"dd991ed27bd4e3ec33b835241e2ec1767bfa6326","datavalue":{"value":{"entity-type":"item","numeric-id":2691317,"id":"Q2691317"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"4727412d65bec3ef3457d3aef2ab6a4fb3605379","datavalue":{"value":{"amount":"+0.88203216","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"ac3c626774dcd0d16f89557f66586245841a01db","datavalue":{"value":{"entity-type":"item","numeric-id":6767936,"id":"Q6767936"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2217060$D167F48E-6156-481B-AF4C-2927F271CD1C","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"796ba8b32a11f1df6ed840ddd3de45b3be75c347","datavalue":{"value":{"entity-type":"item","numeric-id":1042122,"id":"Q1042122"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"a1bb214e5c5a815ec30eef76bae7f023c509c445","datavalue":{"value":{"amount":"+0.85170966","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"ac3c626774dcd0d16f89557f66586245841a01db","datavalue":{"value":{"entity-type":"item","numeric-id":6767936,"id":"Q6767936"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2217060$C46D96B2-2A13-4BB9-BCAD-A5B451FD5DBB","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"0b8138a41ad73c68aaabd290517caf4a3c0c40ce","datavalue":{"value":{"entity-type":"item","numeric-id":860504,"id":"Q860504"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"0de95b85af701bfaf7c7d19e800a5467bca9bb4f","datavalue":{"value":{"amount":"+0.8509509","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"ac3c626774dcd0d16f89557f66586245841a01db","datavalue":{"value":{"entity-type":"item","numeric-id":6767936,"id":"Q6767936"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2217060$7F5165B3-7CEF-42E3-80A0-415CC6E80F9F","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"ebefa6fab722fcda2cd2eb2dc83fbe5a3b449250","datavalue":{"value":{"entity-type":"item","numeric-id":955492,"id":"Q955492"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"96d5eddf915b7727dc5310e2ef8c279cc0e43e53","datavalue":{"value":{"amount":"+0.8503006","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"ac3c626774dcd0d16f89557f66586245841a01db","datavalue":{"value":{"entity-type":"item","numeric-id":6767936,"id":"Q6767936"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2217060$C3B59A00-4E0C-41A0-BE81-2E82FB8D3FE4","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"a5543b0a42c389824129831bbcf4c9ac56052026","datavalue":{"value":{"entity-type":"item","numeric-id":2489174,"id":"Q2489174"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"3f746e7ef31e960ee6cfd8d7c89cbfe49fe6b586","datavalue":{"value":{"amount":"+0.84676015","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"ac3c626774dcd0d16f89557f66586245841a01db","datavalue":{"value":{"entity-type":"item","numeric-id":6767936,"id":"Q6767936"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2217060$9A22C186-1032-494E-A26A-D4C303F3CEC1","rank":"normal"},{"mainsnak":{"snaktype":"value","property":"P1643","hash":"e4ce3d2a4ab9d31be2fd22c481b7fad464949b14","datavalue":{"value":{"entity-type":"item","numeric-id":1333376,"id":"Q1333376"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","qualifiers":{"P1659":[{"snaktype":"value","property":"P1659","hash":"da822541716df62429b3283b429d68f19459e7f5","datavalue":{"value":{"amount":"+0.8463919","unit":"1"},"type":"quantity"},"datatype":"quantity"}],"P1660":[{"snaktype":"value","property":"P1660","hash":"ac3c626774dcd0d16f89557f66586245841a01db","datavalue":{"value":{"entity-type":"item","numeric-id":6767936,"id":"Q6767936"},"type":"wikibase-entityid"},"datatype":"wikibase-item"}]},"qualifiers-order":["P1659","P1660"],"id":"Q2217060$11415F36-16EC-4B60-AEA6-100E256AD5D0","rank":"normal"}],"P163":[{"mainsnak":{"snaktype":"value","property":"P163","hash":"45fcd4163b5f33e6e8c784f5522d7246c0a1a61e","datavalue":{"value":{"entity-type":"item","numeric-id":57056,"id":"Q57056"},"type":"wikibase-entityid"},"datatype":"wikibase-item"},"type":"statement","id":"Q2217060$5C8B105B-2D28-4F5F-9378-D858ED30F047","rank":"normal"}]},"sitelinks":{"mardi":{"site":"mardi","title":"Publication:2217060","badges":[],"url":"https://portal.mardi4nfdi.de/wiki/Publication:2217060"}}}}}