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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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Hedge Funds as Liquidity Providers : Evidence from the Lehman Bankruptcy
Aragon, George O. - 2009
Using the September 15, 2008 bankruptcy of Lehman Brothers as an exogenous shock to funding costs, we show that hedge funds act as liquidity providers. Hedge funds using Lehman as prime broker could not trade after the bankruptcy, and these funds failed twice as often as otherwise-similar funds...
Persistent link: https://www.econbiz.de/10012463314
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Managing Public Investment Funds : Best Practices and New Challenges
Mitchell, Olivia S. - 2008
Large publicly-held pools of assets are playing an increasingly prominent role in the global investment arena. We compare three distinct forms of such public funds, namely foreign exchange reserve funds, sovereign wealth funds, and public pension funds, to highlight their differences and...
Persistent link: https://www.econbiz.de/10012464569
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Home Bias and Local Contagion : Evidence from Funds of Hedge Funds
Sialm, Clemens - 2013
This paper analyzes the geographical preferences of hedge fund investors and the implication of these preferences for hedge fund performance. We find that funds of hedge funds overweight their investments in hedge funds located in the same geographical areas and that funds of funds with a...
Persistent link: https://www.econbiz.de/10012459091
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Population Growth, Technological Adoption and Economic Outcomes : A Theory of Cross-Country Differences for the Information Era
Beaudry, Paul - 2001
The object of this paper is to show how population growth, through its interaction with recent technological and organizational developments, can account for many of the cross-country differences in economic outcome observed among industrialized countries over the last 20 years. In particular,...
Persistent link: https://www.econbiz.de/10012470577
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Does Inequality in Skills Explain Inequality in Earnings Across Advanced Countries?
Devroye, Dan - 2001
The distribution of earnings and the distribution of skills vary widely among advanced countries, with the major English-speaking countries, the US, UK, and Canada, having much greater inequality in both earnings and skills than continental European Union countries. This raises the possibility...
Persistent link: https://www.econbiz.de/10012470589
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Wages Around the World : Pay Across Occupations and Countries
Freeman, Richard B. - 2000
This study transforms the October Inquiry' Survey of wages conducted by the International Labour Organization into a consistent data file on pay in 161 occupations in over 150 countries from 1983 to 1998 to examine the pattern of pay across occupations and countries. The new file tells us that:...
Persistent link: https://www.econbiz.de/10012470674
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Schooling, Labor Force Quality, and Economic Growth
Hanushek, Eric A. - 1995
Human capital is almost always identified as a crucial ingredient for growing economies, but empirical investigations of cross-national growth have done little to clarify the dimensions of relevant human capital or any implications for policy. This paper concentrates on the importance of labor...
Persistent link: https://www.econbiz.de/10012473468
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Competing Engines of Growth : Innovation and Standardization
Acemoglu, Daron - 2010
We study a dynamic general equilibrium model where innovation takes the form of the introduction new goods, whose production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are adapted to be produced using unskilled labor. Our...
Persistent link: https://www.econbiz.de/10012462712
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Return Migration as a Channel of Brain Gain
Mayr, Karin - 2008
Recent theoretical and empirical studies have emphasized the fact that the prospect of international migration increases the expected returns to skills in poor countries, linking the possibility of migrating (brain drain) with incentives to higher education (brain gain). If emigration is...
Persistent link: https://www.econbiz.de/10012464608