-Equity-Kapital Transaktionen tätigen, die eine niedrigere Rendite aufweisen. Diese Erkenntnis entspricht der Preisdruck-Theorie, die einen …

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 …