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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/10013084738

Measuring Institutional Investors’ Skill from Their Investments in Private Equity

Cavagnaro, Daniel - 2016

Using a large sample of institutional investors' private equity investments in venture and buyout funds, we estimate the extent to which investors' skill affects returns from private equity investments. We first consider whether investors have differential skill by comparing the distribution of...

Persistent link: https://www.econbiz.de/10012984744

Understanding Corporate Governance Through Learning Models of Managerial Competence

Hermalin, Benjamin E. - 2014

A manager's shareholders, board of directors, and potential future employers are continually assessing his ability. A rich literature has documented that this insight has profound implications for corporate governance because assessment generates incentives (good and bad), introduces assorted...

Persistent link: https://www.econbiz.de/10013055514

Learning About CEO Ability and Stock Return Volatility

Pan, Yihui - 2013

When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...

Persistent link: https://www.econbiz.de/10013085131

Referrals

Garicano, Luis; Santos, Tano - In: The American economic review 94 (2004) 3, pp. 499-525

Persistent link: https://www.econbiz.de/10002168764

Relational knowledge transfers

Garicano, Luis; Rayo, Luis - In: The American economic review 107 (2017) 9, pp. 2695-2730

Persistent link: https://www.econbiz.de/10011736598

Horses and Rabbits? Optimal Dynamic Capital Structure from Shareholder and Manager Perspectives

Ju, Nengjiu - 2010

This paper examines optimal capital structure choice using a dynamic capital structure model that is calibrated to reflect actual firm characteristics. The model uses contingent-claim methods to value interest tax shields, allows for reorganization in bankruptcy, and maintains a long-run target...

Persistent link: https://www.econbiz.de/10012762899

Organizing Offshoring : Middle Managers and Communication Costs

Antras, Pol - 2009

managers improves the efficiency of the transmission of knowledge across countries. The model further delivers the prediction …

Persistent link: https://www.econbiz.de/10012767355

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/10013077654

Measuring the persistence of expected returns

Campbell, John Y. - In: The American economic review 80 (1990) 2, pp. 43-47

Persistent link: https://www.econbiz.de/10001085518