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来源类型Working Paper
规范类型报告
DOI10.3386/w16369
来源IDWorking Paper 16369
Pay for Performance from Future Fund Flows: The Case of Private Equity
Ji-Woong Chung; Berk A. Sensoy; Lea H. Stern; Michael S. Weisbach
发表日期2010-09-16
出版年2010
语种英语
摘要Lifetime incomes of private equity general partners are affected by their current funds' performance through both carried interest profit sharing provisions, and also by the effect of the current fund's performance on general partners' abilities to raise capital for future funds. We present a learning-based framework for estimating the market-based pay for performance arising from future fundraising. For the typical first-time private equity fund, we estimate that implicit pay for performance from expected future fundraising is approximately the same order of magnitude as the explicit pay for performance general partners receive from carried interest in their current fund, implying that the performance-sensitive component of general partner revenue is about twice as large as commonly discussed. Consistent with the learning framework, we find that implicit pay for performance is stronger when managerial abilities are more scalable and weaker when current performance contains less new information about ability. Specifically, implicit pay for performance is stronger for buyout funds compared to venture capital funds, and declines in the sequence of a partnership's funds. Our framework can be adapted to estimate implicit pay for performance in other asset management settings in which future fund flows and compensation depend on current performance.
主题Financial Economics ; Financial Institutions ; Corporate Finance ; Labor Economics ; Labor Compensation
URLhttps://www.nber.org/papers/w16369
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/574044
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Ji-Woong Chung,Berk A. Sensoy,Lea H. Stern,et al. Pay for Performance from Future Fund Flows: The Case of Private Equity. 2010.
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