Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed …

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 …

Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has … picking skills and little evidence of timing skills among successful managers. This paper estimates skill separately in booms … and recessions and finds that the extent to which managers focus on stock picking or market timing fluctuates with the …

We examine the relationship between wages and skill requirements in a sample of over 50,000 managers in 39 companies …

possibilities are internalized in the market, and where managers are complementary inputs to non-managerial workers. The paper … illustrates why some countries may adopt modern technologies while others stay backwards. The paper also explains why managers may …