| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17568 |
| 来源ID | Working Paper 17568 |
| A Model of Private Equity Fund Compensation | |
| Wonho Wilson Choi; Andrew Metrick; Ayako Yasuda | |
| 发表日期 | 2011-11-03 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the economics of the private equity fund compensation. We build a novel model to estimate the expected revenue to fund managers as a function of their investor contracts. In particular, we evaluate the present value of the fair-value test (FVT) carried interest scheme, which is one of the most common profit-sharing arrangements observed in practice. We extend the simulation model developed in Metrick and Yasuda (2010a) and compare the relative values of the FVT carry scheme to other benchmark carry schemes. We find that the FVT carry scheme is substantially more valuable to the fund managers than other commonly observed (and more conservative) carry schemes, largely due to the early timing of carry compensation that frequently occurs under the FVT scheme. Interestingly, conditional on having an FVT carry scheme, fund managers' incremental gains from inflating the reported values of the funds' un- exited portfolio companies would be negligible. |
| 主题 | Financial Economics ; Financial Institutions |
| URL | https://www.nber.org/papers/w17568 |
| 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/575242 |
| 推荐引用方式 GB/T 7714 | Wonho Wilson Choi,Andrew Metrick,Ayako Yasuda. A Model of Private Equity Fund Compensation. 2011. |
| 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 | ||
| w17568.pdf（547KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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