Optimal provision of implicit and explicit incentives in asset management contracts
Autor(a) principal: | |
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Data de Publicação: | 2005 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/13021 |
Resumo: | This paper investigates the importance of the fiow of funds as an implicit incetive provided by investors to portfolio managers in a two-period relationship. We show that the fiow of funds is a powerful incentive in an asset management contract. We build a binomial moral hazard model to explain the main trade-ofIs in the relationship between fiow, fees and performance. The main assumption is that efIort depend' on the combination of implicit and explicit incentives while the probability distrioutioll function of returns depends on efIort. In the case of full commitment, the investor's relevant trade-ofI is to give up expected return in the second period vis-à-vis to induce efIort in the first período The more concerned the investor is with today's payoff. the more willing he will be to give up expected return in the following periods. That is. in the second period, the investor penalizes observed low returns by withdrawing resources from non-performing portfolio managers. Besides, he pays performance fee when the observed excess return is positive. When commitment is not a plausible hypothesis, we consider that the investor also learns some symmetríc and imperfect information about the ability of the manager to generate positive excess returno In this case, observed returns reveal ability as well as efIort choices exerted by the portfolio manager. We show that implicit incentives can explain the fiow-performance relationship and, conversely, endogenous expected return determines incentives provision and define their optimal leveIs. We provide a numerical solution in Matlab that characterize these results. |
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Yoshima, Samy Osamu AbudEscolas::EPGEFGV2015-01-06T11:59:16Z2015-01-06T11:59:16Z2005-07-15http://hdl.handle.net/10438/13021This paper investigates the importance of the fiow of funds as an implicit incetive provided by investors to portfolio managers in a two-period relationship. We show that the fiow of funds is a powerful incentive in an asset management contract. We build a binomial moral hazard model to explain the main trade-ofIs in the relationship between fiow, fees and performance. The main assumption is that efIort depend' on the combination of implicit and explicit incentives while the probability distrioutioll function of returns depends on efIort. In the case of full commitment, the investor's relevant trade-ofI is to give up expected return in the second period vis-à-vis to induce efIort in the first período The more concerned the investor is with today's payoff. the more willing he will be to give up expected return in the following periods. That is. in the second period, the investor penalizes observed low returns by withdrawing resources from non-performing portfolio managers. Besides, he pays performance fee when the observed excess return is positive. When commitment is not a plausible hypothesis, we consider that the investor also learns some symmetríc and imperfect information about the ability of the manager to generate positive excess returno In this case, observed returns reveal ability as well as efIort choices exerted by the portfolio manager. We show that implicit incentives can explain the fiow-performance relationship and, conversely, endogenous expected return determines incentives provision and define their optimal leveIs. We provide a numerical solution in Matlab that characterize these results.engFundação Getulio Vargas. Escola de Pós-Graduação em Economia.Seminários de Almoço da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessOptimal provision of implicit and explicit incentives in asset management contractsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaInvestimento - Administraçãoreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000368739_y65o.pdf000368739_y65o.pdfapplication/pdf1854561https://repositorio.fgv.br/bitstreams/89cd83f4-464c-4532-9e89-052359427510/downloada15d1353655baa402c4dd2e56420eb99MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
Optimal provision of implicit and explicit incentives in asset management contracts |
title |
Optimal provision of implicit and explicit incentives in asset management contracts |
spellingShingle |
Optimal provision of implicit and explicit incentives in asset management contracts Yoshima, Samy Osamu Abud Economia Investimento - Administração |
title_short |
Optimal provision of implicit and explicit incentives in asset management contracts |
title_full |
Optimal provision of implicit and explicit incentives in asset management contracts |
title_fullStr |
Optimal provision of implicit and explicit incentives in asset management contracts |
title_full_unstemmed |
Optimal provision of implicit and explicit incentives in asset management contracts |
title_sort |
Optimal provision of implicit and explicit incentives in asset management contracts |
author |
Yoshima, Samy Osamu Abud |
author_facet |
Yoshima, Samy Osamu Abud |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Yoshima, Samy Osamu Abud |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Investimento - Administração |
dc.subject.bibliodata.por.fl_str_mv |
Investimento - Administração |
description |
This paper investigates the importance of the fiow of funds as an implicit incetive provided by investors to portfolio managers in a two-period relationship. We show that the fiow of funds is a powerful incentive in an asset management contract. We build a binomial moral hazard model to explain the main trade-ofIs in the relationship between fiow, fees and performance. The main assumption is that efIort depend' on the combination of implicit and explicit incentives while the probability distrioutioll function of returns depends on efIort. In the case of full commitment, the investor's relevant trade-ofI is to give up expected return in the second period vis-à-vis to induce efIort in the first período The more concerned the investor is with today's payoff. the more willing he will be to give up expected return in the following periods. That is. in the second period, the investor penalizes observed low returns by withdrawing resources from non-performing portfolio managers. Besides, he pays performance fee when the observed excess return is positive. When commitment is not a plausible hypothesis, we consider that the investor also learns some symmetríc and imperfect information about the ability of the manager to generate positive excess returno In this case, observed returns reveal ability as well as efIort choices exerted by the portfolio manager. We show that implicit incentives can explain the fiow-performance relationship and, conversely, endogenous expected return determines incentives provision and define their optimal leveIs. We provide a numerical solution in Matlab that characterize these results. |
publishDate |
2005 |
dc.date.issued.fl_str_mv |
2005-07-15 |
dc.date.accessioned.fl_str_mv |
2015-01-06T11:59:16Z |
dc.date.available.fl_str_mv |
2015-01-06T11:59:16Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/13021 |
url |
http://hdl.handle.net/10438/13021 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de Almoço da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-Graduação em Economia. |
publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-Graduação em Economia. |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
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FGV |
institution |
FGV |
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collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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