of the typical American firm. Variable pay is usually touted as a way to provide incentives to managers whose interests … received much attention, but that is consistent with may of the facts, is selection. Managers and industry specialists may have … information about a firm's prospects that is unavailable to outside investors. In order to induce managers to be truthful about …

executive officers. However, firms are run by teams of managers, and a theory of the firm should also explain the distribution …

This paper analyzes the links between corporate tax avoidance, the growth of high-powered incentives for managers, and …

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 …

result of powerful managers setting their own pay. Others interpret high pay as the result of optimal contracting in a …

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 …