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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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Oligopoly Deregulation in General Equilibrium : A Tax Neutralization Result
Metcalf, Gilbert E. - 2003
We examine the interplay between market structure and the form that commodity taxation should take in a general equilibrium model in which firms produce differentiated products and so are able to exert market power. Our analysis takes account of two important recent developments that affect...
Persistent link: https://www.econbiz.de/10012469287
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Quantifying Market Power and Business Dynamism in the Macroeconomy
De Loecker, Jan; Eeckhout, Jan; Mongey, Simon - National Bureau of Economic Research - 2021
We propose a general equilibrium economy with oligopolistic output markets in which two channels can cause a change in market power: (i) technology, via changes to productivity shocks and the cost of entry, (ii) market structure, via changes to the number of potential competitors. First, we...
Persistent link: https://www.econbiz.de/10012533310
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Fund Managers, Career Concerns, and Asset Price Volatility
Guerrieri, Veronica - 2009
We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some … managers have superior information on the default probability. Looking at the past performance, investors update beliefs on … their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a …
Persistent link: https://www.econbiz.de/10012463750
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Tips and Tells from Managers : How Analysts and the Market Read Between the Lines of Conference Calls
Druz, Marina - 2015
Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This …
Persistent link: https://www.econbiz.de/10012457675
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CEO Investment Cycles
Pan, Yihui - 2013
This paper documents the existence of a CEO Investment Cycle, in which firms disinvest early in a CEO's tenure and increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO investment cycle occurs for both firings and...
Persistent link: https://www.econbiz.de/10012459331
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Does "Grease Money" Speed Up the Wheels of Commerce?
Kaufmann, Daniel - 1999
to the efficient grease' theory, we find that firms that pay more bribes are also likely to spend more, not less …
Persistent link: https://www.econbiz.de/10012471704
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Multilateral Trade Negotiations, Bilateral Opportunism and the Rules of GATT
Bagwell, Kyle - 1999
Trade negotiations occur through time and between the governments of many countries. An important issue is thus whether the value of concessions that a government wins in a current negotiation may be eroded in a future bilateral negotiation to which it is not party. In the absence of rules that...
Persistent link: https://www.econbiz.de/10012471725
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War and Relatedness
Spolaore, Enrico - 2009
We develop a theory of interstate conflict in which the degree of genealogical relatedness between populations has a …
Persistent link: https://www.econbiz.de/10012463555