search query: @author Kapur, S. / total: 6
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| Author: | Kapur, S. Timmermann, A. |
| Title: | Relative performance evaluation contracts and asset market equilibrium |
| Journal: | Economic Journal
2005 : OCT, VOL. 115:506, p. 1077-1102 |
| Index terms: | PERFORMANCE APPRAISAL |
| Freeterms: | asset market equilibrium fund managers |
| Language: | eng |
| Abstract: | This article discusses the equilibrium consequences of performance-based contracts for fund managers. The authors find that the impact of relative performance evaluation on the equilibrium equity premium and on portfolio herding critically depends on whether the participation constraint is binding. Also the increased importance of delegation and relative performance evaluation may lower the equity premium. |
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