The hedge fund game
This paper examines theoretical properties of incentive contracts in the hedge fund industry. We show that it is very difficult to structure incentive payments that distinguish between unskilled managers, who cannot generate excess market returns, and skilled managers who can deliver such returns. U...
| Главные авторы: | , |
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| Формат: | Working paper |
| Язык: | English |
| Опубликовано: |
2008
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