Decentralized Investment Management


  • W. F. SHARPE

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    • Timken Professor of Finance, Graduate School of Business, Stanford University. Some of the ideas in this paper resulted from discussions with Keith Ambactsheer, David Howarth, Nancy Jacob, Jay Light, Robert Litzenberger, Barr Rosenberg, James Scott and Polly Shouse. This research was sponsored by the Stanford Program in Finance. Major contributors to the Stanford Program in Finance are: BankAmerica Foundation, The First Boston Corporation, the Chase Manhattan Bank, Continental Bank Foundation, The Dean Witter Foundation, General Electric Company, Goldman, Sachs & Co., Great Western Financial Corporation, E. F. Hutton and Co., Morgan Guaranty Trust Company, Morgan Stanley & Co., Inc., Salomon Brothers, Security Pacific National Bank and Wells Fargo Bank.