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Indirect Incentives of Hedge Fund Managers
Lim, Jongha - 2013
managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …
Persistent link: https://www.econbiz.de/10012459758
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Measuring Institutional Investors’ Skill from Their Investments in Private Equity
Cavagnaro, Daniel R. - 2016
Using a large sample of institutional investors' private equity investments in venture and buyout funds, we estimate the extent to which investors' skill affects returns from private equity investments. We first consider whether investors have differential skill by comparing the distribution of...
Persistent link: https://www.econbiz.de/10012456132
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Understanding Corporate Governance Through Learning Models of Managerial Competence
Hermalin, Benjamin E. - 2014
A manager's shareholders, board of directors, and potential future employers are continually assessing his ability. A rich literature has documented that this insight has profound implications for corporate governance because assessment generates incentives (good and bad), introduces assorted...
Persistent link: https://www.econbiz.de/10012458636
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Learning about CEO Ability and Stock Return Volatility
Pan, Yihui - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...
Persistent link: https://www.econbiz.de/10012459779
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Why are Buyouts Levered : The Financial Structure of Private Equity Funds
Axelson, Ulf - 2007
This paper presents a model of the financial structure of private equity firms. In the model, the general partner of the firm encounters a sequence of deals over time where the exact quality of each deal cannot be credibly communicated to investors. We show that the optimal financing arrangement...
Persistent link: https://www.econbiz.de/10012465831
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Imperfect Substitution between Immigrants and Natives : A Reappraisal
Borjas, George J. - 2008
In a recent paper, Ottaviano and Peri (2007a) report evidence that immigrant and native workers are not perfect substitutes within narrowly defined skill groups. The resulting complementarities have important policy implications because immigration may then raise the wage of many native-born...
Persistent link: https://www.econbiz.de/10012464759
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Labor Outflows and Labor Inflows in Puerto Rico
Borjas, George J. - 2007
Although a sizable fraction of the Puerto Rican-born population moved to the United States, the island also received large inflows of persons born outside Puerto Rico. Hence Puerto Rico provides a unique setting for examining how labor inflows and outflows coexist, and measuring the mirror-image...
Persistent link: https://www.econbiz.de/10012465035
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Long-Run Convergence of Ethnic Skill Differentials
Borjas, George J. - 1994
This paper investigates if the ethnic skill differentials introduced into the United States by the inflow of very dissimilar immigrant groups during the Great Migration of 1880-1910 disappeared during the past century. An analysis of the 1910, 1940, and 1980 Censuses and the General Social...
Persistent link: https://www.econbiz.de/10012474295
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Immigration Policy, National Origin, and Immigrant Skills : A Comparison of Canada and the United States
Borjas, George J. - 1991
Over 12 million persons migrated to Canada or the United States between 1959 and 1981. Beginning in the mid?1960s, the immigration policies of the two countries began to diverge considerably: the United States stressing family reunification and Canada stressing skills. This paper shows that the...
Persistent link: https://www.econbiz.de/10012475320
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National Origin and the Skills of Immigrants in the Postwar Period
Borjas, George J. - 1991
The postwar period witnessed major changes in U.S. immigration policy and in economic and political conditions in many of the source countries. As a result, the size, origin, and skill composition of immigrant flows changed substantially. This paper uses the Public Use Samples of the five...
Persistent link: https://www.econbiz.de/10012475445