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Why Constrain Your Mutual Fund Manager?
We examine the form, adoption rates, and economic rationale for the investment restrictions found in the contracts between mutual fund investors and managers. Based on a sample of U.S. domesticExpand
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Is the Short Rate Drift Actually Nonlinear?
Virtually all existing continuous-time, single-factor term structure models are based on a short rate process that has a linear drift function. However, there is no strong a priori argument in favorExpand