| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6413 |
| 来源ID | Working Paper 6413 |
| High Water Marks | |
| William N. Goetzmann; Jonathan Ingersoll, Jr.; Stephen A. Ross | |
| 发表日期 | 1998-02-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | Incentive fees for money managers are frequently accompanied by high-water mark provisions that condition the payment of the performance fee upon exceeding the previously achieved maximum share value. In this paper, we show that hedge fund performance fees are valuable to money managers, and conversely, represent a claim on a significant proportion of investor wealth. The high-water mark provisions in these contracts limit the value of the performance fees. We provide a closed-form solution to the cost of the high-water mark contract under certain conditions. Our results provide a framework for valuation of a hedge fund management company. |
| URL | https://www.nber.org/papers/w6413 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563927 |
| 推荐引用方式 GB/T 7714 | William N. Goetzmann,Jonathan Ingersoll, Jr.,Stephen A. Ross. High Water Marks. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6413.pdf（274KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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