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  • Principal and Agent Problems in Australian Responsible Entities

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    64793_1.pdf (2.322Mb)
    Author(s)
    Bianchi, Robert
    Griffith University Author(s)
    Bianchi, Robert
    Year published
    2010
    Metadata
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    Abstract
    Since 1998, the Australian funds management industry has seen the creation of the single responsible entity. The introduction of the single responsible entity unifies the role of trustee and investment manager in a legal entity for the purpose of managing investment funds. This paper argues that this dual role of the single responsible entity causes severe principal and agent problems in the Australian managed funds industry. As a result, the single responsible entity benefits the investment manager, but it comes at a cost and risk to investors. These costs are not visible during favourable economic times, but become ...
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    Since 1998, the Australian funds management industry has seen the creation of the single responsible entity. The introduction of the single responsible entity unifies the role of trustee and investment manager in a legal entity for the purpose of managing investment funds. This paper argues that this dual role of the single responsible entity causes severe principal and agent problems in the Australian managed funds industry. As a result, the single responsible entity benefits the investment manager, but it comes at a cost and risk to investors. These costs are not visible during favourable economic times, but become more evident when investment market conditions deteriorate as evidenced during the 2007-2008 global financial crisis (GFC).
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    Journal Title
    Deakin Business Review
    Volume
    3
    Issue
    1
    Publisher URI
    http://www.deakin.edu.au/buslaw/dbs/
    Copyright Statement
    © 2010 Deakin University. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
    Subject
    Finance
    Business and Management
    Marketing
    Publication URI
    http://hdl.handle.net/10072/34317
    Collection
    • Journal articles

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