Huang, Ching-mann; Hu, Len-kuo; Kang, Hsin-Hong - In: Review of Quantitative Finance and Accounting 24 (2005) 4, pp. 379-397
We develop an optimal incentive contract for the fund manager with career concerns. Drawing upon the framework of Gibbons and Murphy (1992), we restructure the performance of fund manager with emphasis on the multiplicative effect of previous effort on the latter period, and derive the positive...
