| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17942 |
| 来源ID | Working Paper 17942 |
| Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance | |
| David T. Robinson; Berk A. Sensoy | |
| 发表日期 | 2012-03-29 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | We study the relation between compensation practices, incentives, and performance in private equity using new data that connect ownership structures, management contracts, and quarterly cash flows for a large sample of buyout and venture capital funds from 1984-2010. Although many critics of private equity argue that PE firms earn excessive compensation and have muted performance incentives, we find no evidence that higher compensation or lower managerial ownership are associated with worse net-of-fee performance, in stark contrast to other asset management settings. Instead, compensation is largely unrelated to net-of-fee cash flow performance. Nevertheless, market conditions during fundraising are an important driver of compensation, as pay rises and shifts to fixed components during fundraising booms. In addition, the behavior of distributions around contractual triggers for fees and carried interest is consistent with an underlying agency conflict between investors and general partners. Our evidence is most consistent with an equilibrium in which compensation terms reflect agency concerns and the productivity of manager skills, and in which managers with higher compensation earn back their pay by delivering higher gross performance. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance |
| URL | https://www.nber.org/papers/w17942 |
| 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/575618 |
| 推荐引用方式 GB/T 7714 | David T. Robinson,Berk A. Sensoy. Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance. 2012. |
| 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 | ||
| w17942.pdf（200KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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