Cen, Xiao; Dou, Winston Wei; Kogan, Leonid; Wu, Wei - National Bureau of Economic Research - 2023
elucidate the incentives they operate under, as well as the income and career risks they face, we construct a unique and novel … dataset, which encompasses detailed information on the compensation and career trajectories of managers within US active … elements alter bonuses. Crucially, fund flows, as opposed to fund performance, exert a strong impact on the career outcomes of …