Incentive fees for money managers are frequently accompanied by high-water mark provisions that condition the payment … performance fees are valuable to money managers, and conversely, represent a claim on a significant proportion of investor wealth …

We study the joint determination of fund managers' contracts and equilibrium asset prices. Because of agency frictions …, investors make managers' fees more sensitive to performance and benchmark performance against a market index. This makes … managers unwilling to deviate from the index and exacerbates price distortions. Because trading against overvaluation exposes …

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 …

There has been a significant interest on a theoretical level in the application of supergames to oligopoly behavior …

This paper extends the static analysis of oligopoly structure into an infinite-horizon setting with sunk costs and …

than its static analog. We then test the theory using monthly production targets of the Big Three U.S. auto manufacturers …

market power. Multiple precision medicine market situations now resemble game theory constructs such as the prisoners …