weaker for managers with longer tenure. I consider an optimal incentive contract for money managers, and I provide an … compensation. In the optimal contract, flows become more sensitive to performance when the manager faces stronger incentives from … the compensation contract. With learning, the manager's incentives become stronger after good performance, so that a …

, a partner of an investment company, and a fund manager of the company. The investor cannot perfectly observe the partner …

dividends of the firm over time, and will consider a pie sharing rule contract over the dividends of consumption goods to …

This study analyzes small-sized asset owners' optimal choice problems in selecting an outsourced chief investment …-sized asset owners to use this method. Instead, they access OCIO services by participating in an investment pool or utilizing OCIO … when the market has enough investment pools, the utility of all small-sized asset owners increases. To enhance the growth …

appropriate choice of benchmark it is always optimal to include a bonus incentive fee in the contract. We derive the conditions … faces moral hazard with respect to the effort and risk choices of the portfolio manager. The employment contract promises … benchmark-linked option-type “bonus” incentive fee. We show that the option-type incentive helps overcome the effort …