We propose a family of incentive contracts that can attract some fund managers who are favored by investors and deter … explicitly on the utilities of the managers and investors nor have a menu of choices. The contracts have two crucial components …

This paper investigates how precautionary trading behavior of fund managers induced by a higher junior fee component in … from Collateralized Loan Obligation (CLO) funds, we find that fund managers with a higher ratio of subordinate fee to total … fees are more likely to sell downgraded loans. Fund managers exhibit such precautionary trading behavior even when …

This questionnaire survey of fund managers in the United States, Germany and Switzerland documents a distinctly … significantly related to higher working effort but not to risk taking. They also seem to induce fund managers to rely more on … fundamental information. Findings within regions are confirmed by Trans-Atlantic evidence as US fund managers receive larger …

This questionnaire survey of fund managers in USA, Germany, and Switzerland documents a distinctly positive influence … to higher working effort but not to risk-taking. They also seem to induce fund managers to rely more on fundamental … information. Findings within regions are confirmed by Transatlantic evidence as US fund managers receive larger bonuses but also …