Anreizwirkungen und Bewertung von Erfolgsbeteiligungen im Portefeuillemanagement

Performance fees for portfolio managers are designed to align the managers' goals with those of the investors and to motivate managers to aquire "superior" information and to make better investment decisions. A part of t
Performance fees for portfolio managers are designed to align the managers' goals with those of the investors and to motivate managers to aquire "superior" information and to make better investment decisions. A part of the literature analyzes performance fees on the basis of market valuation. In this article it is shown that market valuation faces a dilemma: on the one hand, the conditions which allow for market valuation imply that the portfolio manager perfectly hedges the performance fee. This in turn implies severe restrictions on the incentive effects of the performance fee. In particular, the fee does not motivate the manager to use superior information for investment decisions concerning the managed portfolio. On the other hand, better incentives can only be generated under conditions which exclude market valuation. In this case, the analysis has to be based on expected utility valuation. Keywords: performance fees, portfolio managers, "superior" information, market valuation, incentive effects
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Metadaten
Author:Robert M. Gillenkirch
URN:urn:nbn:de:hebis:30-70199
Parent Title (English):Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 7
Series (Serial Number):Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting (7)
Publisher:Univ., Fachbereich Wirtschaftswiss.
Place of publication:Frankfurt am Main
Document Type:Working Paper
Language:German
Year of Completion:1997
Year of first Publication:1997
Publishing Institution:Univ.-Bibliothek Frankfurt am Main
Release Date:2009/09/15
Tag:"superior" information; incentive effects; market valuation; performance fees; portfolio managers
SWD-Keyword:Anreizsystem; Gewinnbeteiligung; Investmentfonds; Investmentsparen; Portfolio Insurance; Portfolio Selection; Portfoliomanagement; Tantieme
Pagenumber:23
Last Page:21
HeBIS PPN:218415699
Institutes:Wirtschaftswissenschaften
Dewey Decimal Classification:330 Wirtschaft
JEL-Classification:D82 Asymmetric and Private Information
G11 Portfolio Choice; Investment Decisions
G12 Asset Pricing; Trading volume; Bond Interest Rates
G14 Information and Market Efficiency; Event Studies
Sammlungen:Universitätspublikationen
Licence (German):License Logo Veröffentlichungsvertrag für Publikationen

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