FIFs are a special type of trust fund that provides large-scale funding for broad, coordinated interventions, usually focused on themes, and typically aimed at achieving GPGs. The World Bank has a ...

Evidence in favor of these hypotheses would bring greater attention to fund manager preferences as an agency problem and contribute to the growing literature on intermediaries being marginal.

Intermediaries would then ensure their advisors’ compensations did not depend on the fund they recommended, reducing conflicts of interest. While the idea of clean shares is good for investors ...