Ibert, Markus
[VerfasserIn]
;
Kaniel, Ron
[Sonstige Person, Familie und Körperschaft];
Van Nieuwerburgh, Stijn
[Sonstige Person, Familie und Körperschaft];
Vestman, Roine
[Sonstige Person, Familie und Körperschaft]
Are Mutual Fund Managers Paid for Investment Skill?
Erschienen in:Swedish House of Finance Research Paper ; No. 17-9
Umfang:
1 Online-Ressource (72 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.2914596
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 31, 2017 erstellt
Beschreibung:
Compensation of mutual fund managers is paramount to understanding agency frictions in asset delegation. We collect a unique registry-based dataset on the compensation of Swedish mutual fund managers. We find a concave relationship between pay and revenue, in contrast to how investors compensate the fund company (firm). We also find a surprisingly weak sensitivity of pay to performance, even after accounting for the indirect effects of performance on revenue. Firm-level fixed effects, revenues, and profits add substantial explanatory power for compensation to manager-level revenue and performance