| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4062 |
| DP4062 Microfoundations of Urban Agglomeration Economies | |
| Gilles Gilles Duranton; Diego Puga | |
| 发表日期 | 2003-09-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We analyse the equilibrium consequences of performance-based contracts for fund managers. Managerial remuneration is tied to a fund's absolute performance and its performance relative to rival funds. Investors choose whether or not to delegate their investment to better-informed fund managers; if they delegate they choose the parameters of the optimal contract subject to the fund manager's participation constraint. We find that the impact of relative performance evaluation on equilibrium equity premium and on portfolio-herding critically depends on whether the participation constraint is binding. Simple numerical examples suggest that the increased importance of delegation and performance evaluation may lower the equity premium. |
| 主题 | Financial Economics |
| 关键词 | Portfolio delegation Relative performance evaluation Equity premium |
| URL | https://cepr.org/publications/dp4062 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533038 |
| 推荐引用方式 GB/T 7714 | Gilles Gilles Duranton,Diego Puga. DP4062 Microfoundations of Urban Agglomeration Economies. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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