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| Author: | Lemmon, M. |
| Title: | Do incentives matter? Managerial contracts for dual- purpose funds |
| Journal: | Journal of Political Economy
2000 : APR, VOL. 108:2, p. 273-299 |
| Index terms: | POLITICAL ECONOMY FUNDS INCENTIVES |
| Language: | eng |
| Abstract: | The author examines the contracts used to compensate the managers of the seven dual-purpose investment companies that existed between 1967 and 1985 to determine whether financial incentives influence real behavior in the predicted way. The compensation contracts for these funds provided explicit incentives for the production of both capital gains and current income. The author models the behavior that an expected compensation-maximizing agent would exhibit when faced with such contracts. |
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