Time-varying incentives in the mutual fund industry
This paper re-examines the incentives of mutual fund managers arising from investor flows. We provide evidence that the convexity of the flow-performance relationship varies with economic activity. We show that the effect is economically large and is not driven by abnormal years. We test two possibl...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2008
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/1115 https://ink.library.smu.edu.sg/context/soe_research/article/2114/viewcontent/OlivierTay2008.pdf |
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| Institution: | Singapore Management University |
| Language: | English |