论文代写-基金经理激励问题

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01/02/2020

论文代写-基金经理激励问题。各种关于基金绩效成本结构的研究表明,合理的绩效薪酬能够激励基金经理更加努力地提高基金绩效。Golec(1992)研究发现,基金管理费与基金收入呈正相关关系。Coval和Moskowitz(2001)发现基金管理费中的绩效费与风险调整收益率之间存在正相关关系。Elton等(2001)分析了绩效薪酬对基金经理投资组合选择的影响。他们发现,基金经理收取的业绩费表现出更好的选股能力。接下来论文范文论文代写-基金经理激励问题分享给留学生阅读。

Various studies on the cost structure on the performance of the fund, state that reasonable performance pay will encourage fund managers to work harder to improve fund performance. Golec (1992) study found that fund management fees and income of the fund have a positive correlation. Coval and Moskowitz (2001) found that performance fee in the fund management fee and risk-adjusted return had a positive correlation. Elton et al. (2001) analyzed the impact of performance pay for fund manager portfolio selection. They found that fund managers have performance fees that exhibit better stock picking ability.
Kritzman (1987) pointed out that the fund management fee incentive in equivalent fund, leads investors to the fund manager for a call option, which will lead to the fund manager’s ‘moral hazard’. Grinblatt and Titman (1989) also studied the use of option pricing theory; in which they believe that fund managers can have personal portfolio hedging without any risk obtaining implicitly in the remuneration structure corresponding option value. This will entice fund managers in way contrary to the investor’s willingness to take advantage of this feature to change their management risk level of the portfolio. On the other hand, if they are proved, then for the use of fund managers they can employ a buy and hold strategy or policy in terms of rebalancing, when the poor performance of the punishment exceeds the excellent performance of the award, to avoid the negative effects of risk-sharing incentives.

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