| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16369 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w16369 |
| 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/574044 |
| 推荐引用方式 GB/T 7714 | Ji-Woong Chung,Berk A. Sensoy,Lea H. Stern,et al. Pay for Performance from Future Fund Flows: The Case of Private Equity. 2010. |
| 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 | ||
| w16369.pdf（860KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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