haku: @author Reichling, P. / yhteensä: 2
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| Tekijä: | Reichling, P. |
| Otsikko: | Anreizeffekte bei Performance Fees mit stochastischem Benchmark |
| Lehti: | Zeitschrift für Betriebswirtschaft
1997 : ERGÄNZUNGSHEFT 3/97, p. 105-128 |
| Asiasana: | HUMAN RESOURCE MANAGEMENT PERFORMANCE APPRAISAL PORTFOLIO MANAGEMENT PAYMENT SYSTEMS |
| Kieli: | ger |
| Tiivistelmä: | The relationship between investor and portfolio manager may be viewed as a principal-agent relationship with the agent enjoying some informational advantage over the principal. Owing to uncertain portfolio returns the investor cannot observe the manager's effort. Therefore, incentive fees serve as a means to reduce agency problems which arise from hidden information. This paper offers an alternative approach to linear compensation schedules. We combine various forms of compensation contracts with different kinds of hidden information. This is to analyse the incen- tives accompanying the contract. |
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