دانلود مقاله ISI انگلیسی شماره 137743
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
137743 2017 19 صفحه PDF سفارش دهید 19222 کلمه
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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Rewarding risk-taking or skill? The case of private equity fund managers
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Banking & Finance, Volume 80, July 2017, Pages 14-32

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چکیده انگلیسی

We examine whether typical private equity fund compensation contracts reward excessive risk-taking rather than managerial skill. Our analysis is based on a novel model of investment value, cash flows, and fee dynamics of private equity funds. Given the embedded option-like fee components, our results demonstrate that fund managers indeed have an incentive for excessive risk-taking when only fee income from the current fund is considered. However, when managers also consider potential compensation from follow-on funds, their risk-taking incentives depend on their individual skill levels, and skilled managers will have an incentive to reduce fund risk. We also show that managers must generate substantial abnormal returns in order to compensate investors for the given fee components.

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پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.