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Flows, Performance, and Managerial Incentives in Hedge Funds
16 references·16 citing·35 second hopsampled
Flows, Performance, and Managerial Incentives in Hedge Funds (2003)Flows, Performance, and Managerial Incent…Executive compensation (2008)Executive compensationEstimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)Estimating Standard Errors in…Costly Search and Mutual Fund Flows (1998)Costly Search and Mutual Fund…Risk Taking by Mutual Funds as a Response to Incentives (1997)Risk Taking by Mutual Funds a…Another Puzzle: The Growth in Actively Managed Mutual Funds (1996)Another Puzzle: The Growth in…Noise Trader Risk in Financial Markets (1990)Noise Trader Risk in Financia…Additional evidence on equity ownership and corporate value (1990)Additional evidence on equity…Management ownership and market valuation (1988)Management ownership and mark…The Determinants of Firms' Hedging Policies (1985)The Determinants of Firms' He…The market for corporate control (1983)The market for corporate cont…Separation of Ownership and Control (1983)Separation of Ownership and C…Agency Problems and Residual Claims (1983)Agency Problems and Residual …Risk Reduction as a Managerial Motive for Conglomerate Mergers (1981)Risk Reduction as a Manageria…Agency Problems and the Theory of the Firm (1980)Agency Problems and the Theor…The Pricing of Options and Corporate Liabilities (1973)The Pricing of Options and Co…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Flying under the radar: The effects of short-sale disclosure rules on investor behavior and stock prices (2020)Flying under the radar: The e…Mean field and n‐agent games for optimal investment under relative performance criteria (2019)Mean field and n‐agent games …Strategic Delays and Clustering in Hedge Fund Reported Returns (2017)Strategic Delays and Clusteri…The Behavior of Investor Flows in Corporate Bond Mutual Funds (2016)The Behavior of Investor Flow…Share Restrictions and Investor Flows in the Hedge Fund Industry (2015)Share Restrictions and Invest…Indirect Incentives of Hedge Fund Managers (2015)Indirect Incentives of Hedge …Strategic Delays and Clustering in Hedge Fund Reported Returns (2014)Strategic Delays and Clusteri…Strategic Asset Allocation in Money Management (2013)Strategic Asset Allocation in…Opacity in Financial Markets (2013)Opacity in Financial MarketsThe Delegated Lucas Tree (2012)The Delegated Lucas TreeHedge Fund Return Misreporting: Incentives and Effects (2010)Hedge Fund Return Misreportin…The Rise and Demise of the Convertible Arbitrage Strategy (2009)The Rise and Demise of the Co…Systemic Risk and Hedge Funds (2007)Systemic Risk and Hedge FundsFamily Matters: Rankings Within Fund Families and Fund Inflows (2007)Family Matters: Rankings With…Dynamic Portfolio Selection in Arbitrage (2006)Dynamic Portfolio Selection i…Are 'Market Neutral' Hedge Funds Really Market Neutral? (2004)Are 'Market Neutral' Hedge Fu…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)A Survey of Corporate Governance (1997)Law and Finance (1998)Corporate Ownership Around the World (1999)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Higher market valuation of companies with a small board of directors (1996)Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 (2003)The General Theory of Employment, Interest and Money. (1936)The Behavior of Stock-Market Prices (1965)Continuous Auctions and Insider Trading (1985)The Limits of Arbitrage (1995)Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Sentiment and the Cross‐Section of Stock Returns (2006)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)ON THE PRICING OF CORPORATE DEBT: THE RISK STRUCTURE OF INTEREST RATES* (1974)A Closed-Form Solution for Options with Stochastic Volatility with Applications to Bond and Currency Options (1993)Theory of rational option pricing (2005)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)The Nature of the Firm (1937)Mergers and the Market for Corporate Control (1965)Dynamic capabilities and strategic management (1997)Markets and Hierarchies: Analysis and Antitrust Implications. (1976)Agency Theory: An Assessment and Review (1989)Specification Tests in Econometrics (1978)Econometric Analysis of Cross Section and Panel Data (2001)Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence (2007)Robust Inference With Multiway Clustering (2011)Policy Uncertainty and Corporate Investment (2015)Theory of Value (1959)Auditor size and audit quality (1981)Strategic assets and organizational rent (1993)
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References

  • 1973The Pricing of Options and Corporate Liabilities29,064 cited
  • 1983Separation of Ownership and Control19,446 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches10,793 cited
  • 1980Agency Problems and the Theory of the Firm10,540 cited
  • 1988Management ownership and market valuation6,910 cited
  • 1990Noise Trader Risk in Financial Markets6,259 cited
  • 1983Agency Problems and Residual Claims4,877 cited
  • 1990Additional evidence on equity ownership and corporate value4,311 cited
  • 1983The market for corporate control4,145 cited
  • 1985The Determinants of Firms' Hedging Policies3,270 cited
  • 1998Costly Search and Mutual Fund Flows3,217 cited
  • 1981Risk Reduction as a Managerial Motive for Conglomerate Mergers2,775 cited
  • 2008Executive compensation2,390 cited
  • 1997Risk Taking by Mutual Funds as a Response to Incentives2,295 cited
  • 1996Another Puzzle: The Growth in Actively Managed Mutual Funds2,093 cited

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Cited by

  • 2019Mean field and n‐agent games for optimal investment under relative performance criteria122 cited
  • 2007Systemic Risk and Hedge Funds110 cited
  • 2013Strategic Asset Allocation in Money Management103 cited
  • 2016The Behavior of Investor Flows in Corporate Bond Mutual Funds98 cited
  • 2015Indirect Incentives of Hedge Fund Managers89 cited
  • 2006Dynamic Portfolio Selection in Arbitrage85 cited
  • 2015Share Restrictions and Investor Flows in the Hedge Fund Industry82 cited
  • 2009The Rise and Demise of the Convertible Arbitrage Strategy71 cited
  • 2017Strategic Delays and Clustering in Hedge Fund Reported Returns69 cited
  • 2012The Delegated Lucas Tree67 cited
  • 2014Strategic Delays and Clustering in Hedge Fund Reported Returns65 cited
  • 2004Are 'Market Neutral' Hedge Funds Really Market Neutral?64 cited
  • 2020Flying under the radar: The effects of short-sale disclosure rules on investor behavior and stock prices60 cited
  • 2007Family Matters: Rankings Within Fund Families and Fund Inflows58 cited
  • 2013Opacity in Financial Markets52 cited
  • 2010Hedge Fund Return Misreporting: Incentives and Effects43 cited