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 …

Investmentfonds erlangen weltweit zunehmend an Bedeutung, insbesondere weil sie verstärkt zur privaten Altersvorsorge … eingesetzt werden. Es ist jedoch möglich, dass Investmentfonds für Anleger riskanter sind, als von der Fondsgesellschaft …

We propose a model of delegated portfolio management with career concerns. Investors hire fund managers to invest their … capital either in risky bonds or in riskless assets. Some managers have superior information on the default probability …. Looking at the past performance, investors update beliefs on their managers and make firing decisions. This leads to career …