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Are Mutual Fund Managers Paid For Investment Skill? / Markus Ibert, Ron Kaniel, Stijn Van Nieuwerburgh, Roine Vestman.
- Format:
- Book
- Author/Creator:
- Ibert, Markus.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w23373.
- NBER working paper series no. w23373
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2017.
- Summary:
- Compensation of mutual fund managers is paramount to understanding agency frictions in asset delegation. We collect a unique registry-based dataset on the compensation of Swedish mutual fund managers. We find a concave relationship between pay and revenue, in contrast to how investors compensate the fund company (firm). We also find a surprisingly weak sensitivity of pay to performance, even after accounting for the indirect effects of performance on revenue. Firm-level revenues and profits add substantial explanatory power for compensation to manager-level revenue and performance, highlighting the importance of the mutual fund firm.
- Notes:
- Print version record
- April 2017.
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