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Fund Flows, Performance, Managerial Career Concerns, and Risk Taking

Ping Hu, Auteur ; Jayant R. Kale, Auteur ; Marco Pagani, Auteur |

Dans Management science (Vol. 57 N° 4, Avril 2011)

We develop a unified model of the interactions among investors, fund companies, and fund managers. We show that the interplay between a manager's incentives from her compensation structure and career concerns leads to a nonmonotonic (approximate[...]

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