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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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Bank CEO Incentives and the Credit Crisis
Fahlenbrach, Rüdiger - 2009
We investigate whether bank performance during the credit crisis of 2008 is related to CEO incentives and share ownership before the crisis and whether CEOs reduced their equity stakes in their banks in anticipation of the crisis. There is no evidence that banks with CEOs whose incentives were...
Persistent link: https://www.econbiz.de/10012463437
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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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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
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Crises and Prices : Information Aggregation, Multiplicity and Volatility
Angeletos, George-Marios - 2004
Many argue that crises -- such as currency attacks, bank runs and riots -- can be described as times of non-fundamental volatility. We argue that crises are also times when endogenous sources of information are closely monitored and thus an important part of the phenomena. We study the role of...
Persistent link: https://www.econbiz.de/10012467672
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Networks, Shocks, and Systemic Risk
Acemoglu, Daron - 2015
This chapter develops a unified framework for the study of how network interactions can function as a mechanism for propagation and amplification of microeconomic shocks. The framework nests various classes of games over networks, models of macroeconomic risk originating from microeconomic...
Persistent link: https://www.econbiz.de/10012457735
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Proceedings of the Trans-Atlantic Public Economics Seminar on Market Failures and Public Policy : 19 - 21 May 1994 : special issue
Gordon, Roger (contributor) - Trans-Atlantic Public Economics Seminar <1994, Turin> - 1996
Persistent link: https://www.econbiz.de/10000601576