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CEO Turnover and Relative Performance Evaluation
Jenter, Dirk - 2006
This paper examines whether CEOs are fired after bad firm performance caused by factors beyond their control. Standard economic theory predicts that corporate boards filter out exogenous industry and market shocks to firm performance when deciding on CEO retention. Using a new hand-collected...
Persistent link: https://www.econbiz.de/10012466601
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Bayesian Performance Evaluation
Baks, Klaas - 1999
This paper proposes a Bayesian method of performance evaluation for investment managers. We begin with a flexible set of prior beliefs that can be elicited without any reference to probability distributions or their parameters. We then combine these prior beliefs with a general multi-factor...
Persistent link: https://www.econbiz.de/10012471727
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What Gets Measured Gets Managed : Investment and the Cost of Capital
He, Zhiguo; Liao, Guanmin; Wang, Baolian - National Bureau of Economic Research - 2022
-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using …
Persistent link: https://www.econbiz.de/10012938744
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Private Equity Indices Based on Secondary Market Transactions
Boyer, Brian - 2018
Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund's final distribution. We propose a new approach to evaluating performance using actual prices paid...
Persistent link: https://www.econbiz.de/10012480859
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Mutual Fund Performance and Flows During the COVID-19 Crisis
Pastor, Lubos - 2020
, contradicting a popular hypothesis. Funds with high sustainability ratings perform well, as do funds with high star ratings. Fund … with high sustainability ratings, especially environmental ones. Our finding that investors remain focused on … sustainability during this major crisis suggests they view sustainability as a necessity rather than a luxury good …
Persistent link: https://www.econbiz.de/10012481406
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The Performance of Hedge Fund Performance Fees
Ben-David, Itzhak - 2020
We study the long-run outcomes associated with hedge funds' compensation structure. Over a 22-year period, the aggregate effective incentive fee rate is 2.5 times the average contractual rate (i.e., around 50% instead of 20%). Overall, investors collected 36 cents for every dollar earned on...
Persistent link: https://www.econbiz.de/10012481649
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Private Equity and COVID-19
Gompers, Paul A. - 2020
We survey more than 200 private equity (PE) managers from firms with $1.9 trillion of assets under management (AUM) about their portfolio performance, decisionmaking and activities during the Covid-19 pandemic. Given that PE managers have significant incentives to maximize value, their actions...
Persistent link: https://www.econbiz.de/10012482108
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An Analysis of the Performance of Target Date Funds
Shoven, John B. - 2020
This paper presents a thorough evaluation of target date funds for the period 2010-2020. These funds have grown enormously in assets, reaching $1.4 trillion by the end of 2019. They account for approximately 24 percent of all of the assets in 401(k) accounts. The paper reports on the results of...
Persistent link: https://www.econbiz.de/10012482191
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A Panel Regression Approach to Holdings-based Fund Performance Measures
Ferson, Wayne E. - 2020
Portfolio performance measures using holdings data are panel regressions. The returns of a fund's stocks are regressed on its lagged portfolio weights. Stock fixed effects isolate average performance from time-series predictive ability. Control variables condition fund performance on the...
Persistent link: https://www.econbiz.de/10012482457
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Does Corporate Governance Matter in Competitive Industries?
Giroud, Xavier - 2009
By reducing the threat of a hostile takeover, business combination (BC) laws weaken corporate governance and increase the opportunity for managerial slack. Consistent with the notion that competition mitigates managerial slack, we find that while firms in non-competitive industries experience a...
Persistent link: https://www.econbiz.de/10012463770