Abstract In this article, we establish a dynamic games model about managers and investors on the basic of imperfection information .we suggest that restraint on the "moral hazards" behavior are diversity in the different mutual funds forms. The results are follows: The choices of managers behavior are the outcomes of watching for a choice. The open-end mutual funds have not always more constraints on the managers. Redemption mechanism in the open-end mutual funds strengthens the managers opportunism behavior. Finally, we put forwards some advises about alleviating managers "moral hazards".
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Received: 02 July 2007
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