and economically sound public fund management practices in these funds, as well as how to evaluate their governance and … finance literature, we also link their management to governance practices and country-specific characteristics, and contrast …

important in curbing these private benefits. A high degree of statutory protection of minority shareholders and high degree of …

shareholders from the complex, pyramidal, and often obscure corporate structures. First, we show that there are large differences …

Indirect incentives exist in the money management industry when good current performance increases future inflows of … 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 …

We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some … managers have superior information on the default probability. Looking at the past performance, investors update beliefs on … their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a …

Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This …