volume 4, issue 5, P969-1027 1998
DOI: 10.1017/s135732170000026x
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A. Asher

Abstract: Those with responsibility for the assets of institutional investors have a fiduciary duty to attempt to earn the best possible risk adjusted returns and to comply with ethical standards. A satisfactory resolution of these and other conflicting demands requires a coherent intellectual framework. Such a framework can be based on a traditional scheme that analyses the various components of profit in terms of the requirements of justice. The framework provides a basis for discussing the major challenges facing th…

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