{"id":"https://openalex.org/W4291992167","doi":"https://doi.org/10.1093/rcfs/cfac027","title":"Delegated Investment Management in Alternative Assets","display_name":"Delegated Investment Management in Alternative Assets","publication_year":2022,"publication_date":"2022-08-16","ids":{"openalex":"https://openalex.org/W4291992167","doi":"https://doi.org/10.1093/rcfs/cfac027"},"language":"en","primary_location":{"id":"doi:10.1093/rcfs/cfac027","doi":"https://doi.org/10.1093/rcfs/cfac027","is_oa":true,"landing_page_url":"https://doi.org/10.1093/rcfs/cfac027","pdf_url":"https://academic.oup.com/rcfs/advance-article-pdf/doi/10.1093/rcfs/cfac027/45883641/cfac027.pdf","source":{"id":"https://openalex.org/S2736251538","display_name":"The Review of Corporate Finance Studies","issn_l":"2046-9128","issn":["2046-9128","2046-9136"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Review of Corporate Finance Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://academic.oup.com/rcfs/advance-article-pdf/doi/10.1093/rcfs/cfac027/45883641/cfac027.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5019211947","display_name":"Aleksandar Andonov","orcid":"https://orcid.org/0000-0001-5226-9691","observed_orcids":["https://orcid.org/0000-0001-5226-9691"]},"institutions":[{"id":"https://openalex.org/I887064364","display_name":"University of Amsterdam","ror":"https://ror.org/04dkp9463","country_code":"NL","type":"education","lineage":["https://openalex.org/I887064364"]}],"countries":["NL"],"is_corresponding":true,"raw_author_name":"Aleksandar Andonov","raw_affiliation_strings":["University of Amsterdam and CEPR , the Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Amsterdam and CEPR , the Netherlands","institution_ids":["https://openalex.org/I887064364"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5019211947"],"corresponding_institution_ids":["https://openalex.org/I887064364"],"apc_list":{"value":3724,"currency":"USD","value_usd":3724},"apc_paid":{"value":3724,"currency":"USD","value_usd":3724},"fwci":2.93,"has_fulltext":true,"cited_by_count":24,"citation_normalized_percentile":{"value":0.91968229,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"13","issue":"1","first_page":"264","last_page":"301"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8906000256538391,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.8906000256538391,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.08229999989271164,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.014100000262260437,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/alternative-investments","display_name":"alternative investments","score":0.9700000286102295},{"id":"https://openalex.org/keywords/institutional-investors","display_name":"institutional investors","score":0.9959999918937683},{"id":"https://openalex.org/keywords/active-portfolio-management","display_name":"active portfolio management","score":0.7519999742507935},{"id":"https://openalex.org/keywords/diversification-benefits","display_name":"diversification benefits","score":0.8019999861717224},{"id":"https://openalex.org/keywords/fund-of-funds","display_name":"fund of funds","score":0.6359999775886536},{"id":"https://openalex.org/keywords/investment-fees","display_name":"investment fees","score":0.5569999814033508}],"concepts":[{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.6233744025230408},{"id":"https://openalex.org/C180916674","wikidata":"https://www.wikidata.org/wiki/Q3711935","display_name":"Diversification (marketing strategy)","level":2,"score":0.6151465773582458},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6080762147903442},{"id":"https://openalex.org/C139819358","wikidata":"https://www.wikidata.org/wiki/Q462748","display_name":"Asset allocation","level":3,"score":0.5993935465812683},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.5799083709716797},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.5414670705795288},{"id":"https://openalex.org/C143273055","wikidata":"https://www.wikidata.org/wiki/Q2382794","display_name":"Delegate","level":2,"score":0.5409693121910095},{"id":"https://openalex.org/C134221152","wikidata":"https://www.wikidata.org/wiki/Q4736525","display_name":"Alternative investment","level":3,"score":0.5193787217140198},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.49424031376838684},{"id":"https://openalex.org/C139569457","wikidata":"https://www.wikidata.org/wiki/Q1666223","display_name":"Intermediary","level":2,"score":0.4304283559322357},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3525069057941437},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.16116970777511597},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.1397579312324524},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.09996148943901062},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1093/rcfs/cfac027","doi":"https://doi.org/10.1093/rcfs/cfac027","is_oa":true,"landing_page_url":"https://doi.org/10.1093/rcfs/cfac027","pdf_url":"https://academic.oup.com/rcfs/advance-article-pdf/doi/10.1093/rcfs/cfac027/45883641/cfac027.pdf","source":{"id":"https://openalex.org/S2736251538","display_name":"The Review of Corporate Finance Studies","issn_l":"2046-9128","issn":["2046-9128","2046-9136"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Review of Corporate Finance Studies","raw_type":"journal-article"},{"id":"pmh:oai:dare.uva.nl:openaire/9d11b266-0928-47ae-a016-4b380866491e","doi":null,"is_oa":true,"landing_page_url":"https://handle.uba.uva.nl/personal/pure/en/publications/delegated-investment-management-in-alternative-assets(9d11b266-0928-47ae-a016-4b380866491e).html","pdf_url":"https://pure.uva.nl/ws/files/207771589/cfac027.pdf","source":{"id":"https://openalex.org/S4306400088","display_name":"UvA-DARE (University of Amsterdam)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I887064364","host_organization_name":"University of Amsterdam","host_organization_lineage":["https://openalex.org/I887064364"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Andonov, A 2024, 'Delegated Investment Management in Alternative Assets', The Review of Corporate Finance Studies, vol. 13, no. 1, pp. 264-301. https://doi.org/10.1093/rcfs/cfac027","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:RePEc:oup:rcorpf:v:13:y:2024:i:1:p:264-301.","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1093/rcfs/cfac027","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.1093/rcfs/cfac027","doi":"https://doi.org/10.1093/rcfs/cfac027","is_oa":true,"landing_page_url":"https://doi.org/10.1093/rcfs/cfac027","pdf_url":"https://academic.oup.com/rcfs/advance-article-pdf/doi/10.1093/rcfs/cfac027/45883641/cfac027.pdf","source":{"id":"https://openalex.org/S2736251538","display_name":"The Review of Corporate Finance Studies","issn_l":"2046-9128","issn":["2046-9128","2046-9136"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-2","jufo-1","norway-1","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Review of Corporate Finance Studies","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/17","score":0.5400000214576721,"display_name":"Partnerships for the goals"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":false},"content_urls":{"pdf":"https://content.openalex.org/works/W4291992167.pdf"},"referenced_works_count":43,"referenced_works":["https://openalex.org/W1533133370","https://openalex.org/W2016253711","https://openalex.org/W2030653824","https://openalex.org/W2098009417","https://openalex.org/W2101887827","https://openalex.org/W2104795328","https://openalex.org/W2105177794","https://openalex.org/W2114279083","https://openalex.org/W2133953136","https://openalex.org/W2141377059","https://openalex.org/W2150540841","https://openalex.org/W2167915877","https://openalex.org/W2171311254","https://openalex.org/W2344248853","https://openalex.org/W2884059869","https://openalex.org/W2889193665","https://openalex.org/W2889570252","https://openalex.org/W2890027757","https://openalex.org/W2892311197","https://openalex.org/W2955279340","https://openalex.org/W3121165378","https://openalex.org/W3121828250","https://openalex.org/W3122103636","https://openalex.org/W3122114492","https://openalex.org/W3122150963","https://openalex.org/W3122371828","https://openalex.org/W3122379409","https://openalex.org/W3122582011","https://openalex.org/W3122717699","https://openalex.org/W3123046671","https://openalex.org/W3123389049","https://openalex.org/W3123430486","https://openalex.org/W3123644546","https://openalex.org/W3124207489","https://openalex.org/W3124282523","https://openalex.org/W3124647015","https://openalex.org/W3125416502","https://openalex.org/W3156203741","https://openalex.org/W3184178316","https://openalex.org/W3203194671","https://openalex.org/W3208401282","https://openalex.org/W4249505127","https://openalex.org/W4285051210"],"related_works":["https://openalex.org/W7026419130","https://openalex.org/W4387888203","https://openalex.org/W3092555951","https://openalex.org/W3008476125","https://openalex.org/W4390810136","https://openalex.org/W135265309","https://openalex.org/W2004360224","https://openalex.org/W1688478429","https://openalex.org/W3122123222","https://openalex.org/W2100088420"],"abstract_inverted_index":{"Abstract":[0],"Institutional":[1],"investors":[2,7,18,54,66],"can":[3],"be":[4],"segmented":[5],"into":[6],"that":[8,19,65],"hold":[9],"simple":[10],"portfolios":[11,36],"of":[12,37,52,78,92],"traditional":[13],"equities":[14,38],"and":[15,17,25,33,39,85,100],"bonds,":[16],"manage":[20],"complex":[21],"strategies":[22],"in":[23,46,55,62,70],"public":[24],"private":[26],"markets.":[27],"Investors":[28],"implementing":[29],"active":[30],"portfolio":[31],"management":[32],"holding":[34],"diversified":[35],"bonds":[40],"are":[41],"more":[42],"likely":[43],"to":[44,82,123,126],"invest":[45],"alternative":[47,56,80],"asset":[48],"classes.":[49],"The":[50],"performance":[51],"institutional":[53],"assets":[57],"is":[58,113],"significantly":[59],"lower":[60,68,101],"than":[61],"equities,":[63],"suggesting":[64],"accept":[67],"returns":[69],"exchange":[71],"for":[72],"diversification":[73,95],"benefits.":[74],"Institutions":[75],"delegate":[76],"90%":[77],"their":[79],"investments":[81],"external":[83],"managers":[84],"funds-of-funds.":[86],"These":[87],"intermediaries":[88],"capture":[89],"large":[90],"part":[91],"the":[93,116,124,127],"potential":[94],"benefits":[96],"through":[97],"higher":[98],"fees":[99],"returns.":[102],"(JEL":[103],"G11,":[104],"G23)":[105],"Authors":[106],"have":[107],"furnished":[108],"an":[109],"Internet":[110],"Appendix,":[111],"which":[112],"available":[114],"on":[115],"Oxford":[117],"University":[118],"Press":[119],"Web":[120],"site":[121],"next":[122],"link":[125],"final":[128],"published":[129],"paper":[130],"online.":[131]},"counts_by_year":[{"year":2026,"cited_by_count":6},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":5},{"year":2023,"cited_by_count":6},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2018,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2022-08-16T00:00:00"}