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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

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

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

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

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

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

Occupational Choice and Development

Eeckhout, Jan - 2007

The rise in world trade since 1970 has raised international mobility of labor services. We study the effect of such a globalization of the world's labor markets. We find that when people can choose between wage work and managerial work, the output gains are U-shaped: A worldwide labor market...

Persistent link: https://www.econbiz.de/10012464960

Optimal Migration : A World Perspective

Benhabib, Jess - 2007

We ask what level of migration would maximize world welfare. We find that skill-neutral policies are never optimal. An egalitarian welfare function induces a policy that entails moving mainly unskilled immigrants into the rich countries, whereas a welfare function skewed highly towards the rich...

Persistent link: https://www.econbiz.de/10012465785

Cross-Country Inequality Trends

Acemoglu, Daron - 2002

The economics profession has made considerable progress in understanding the increase in wage inequality in the U.S. and the UK over the past several decades, but currently lacks a consensus on why inequality did not increase, or increased much less, in (continental) Europe over the same time...

Persistent link: https://www.econbiz.de/10012469883

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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