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 …

managers. We question this view within its own analytical framework by studying, in a principal-agent model, the effects of … diversion overlooks a significant cost of such behavior. Many common modes of compensation can provide managers with incentives …

through time, allowing for the possibility of replacing a shirking manager; firms have many managers, constraining the amount …

We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to …

: reducing the opportunity for managers to transfer value to equityholders from creditors via strategic default, and reducing the …