Are Mutual Fund Managers Paid for Investment Skill?

被引：38

作者：

Ibert, Markus ^{[1
,2
]}

Kaniel, Ron ^{[3
,4
,5
]}

Van Nieuwerburgh, Stijn ^{[5
,6
,7
]}

Vestman, Roine ^{[8
]}

机构：

[1] Stockholm Sch Econ, Stockholm, Sweden

[2] Swedish House Finance, Stockholm, Sweden

[3] Univ Rochester, Simon Sch Business, Rochester, NY 14627 USA

[4] IDC Herzliya, Herzliyya, Israel

[5] CEPR, Washington, DC USA

[6] NYU, Stern Sch Business, New York, NY 10003 USA

[7] NBER, Cambridge, MA 02138 USA

[8] Stockholm Univ, Stockholm, Sweden

来源：

REVIEW OF FINANCIAL STUDIES | 2018年 / 31卷 / 02期

基金：

欧洲研究理事会;

关键词：

PORTFOLIO MANAGEMENT; ADVISORY CONTRACTS; PERFORMANCE; RISK; COMPENSATION; FAMILIES; FLOWS;

D O I：

10.1093/rfs/hhx105

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页码：715 / 772

页数：58

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