Optimal Compensation For Fund Managers Of Uncertain Type

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Optimal Compensation for Fund Managers of Uncertain Type

Author : Alexander Stremme
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Optimal Compensation for Fund Managers of Uncertain Type by : Alexander Stremme

Download or read book Optimal Compensation for Fund Managers of Uncertain Type written by Alexander Stremme and published by . This book was released on 2019 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Performance-sensitivity of compensation schemes for portfolio managers is well explained by classic principal-agent theory as a device to provide incentives for managers to exert effort or bear the cost of acquiring information. However, the majority of compensation packages observed in reality display in addition a fair amount of convexity in the form of performance-related bonus schemes. While convex contracts may be explained by principal-agent theory in some rather specific situations, they have been criticized, both by the financial press as well as the academic literature, on thegrounds that they may lead to excessive risk-taking. In this paper, we show that convex compensation packages, though likely to be myopically not optimal, may serve as adevice to extract information about the ex-ante uncertain type of portfolio managers.Optimal contracts are thus determined by the trade-off between maximizing short-runexpected returns on one hand, and long-run informational benefits on the other. Ina discrete-time model, combining dynamic principal-agent theory with the theory oflearning by experimentation, we characterize optimal incentive schemes and optimal retention rules for fund managers, consistent with empirical observations.

The Oxford Handbook of Quantitative Asset Management

Author : Bernd Scherer
Publisher : Oxford University Press
ISBN 13 : 0199553432
Total Pages : 530 pages
Book Rating : 4.1/5 (995 download)

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Book Synopsis The Oxford Handbook of Quantitative Asset Management by : Bernd Scherer

Download or read book The Oxford Handbook of Quantitative Asset Management written by Bernd Scherer and published by Oxford University Press. This book was released on 2012 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the current state of the art in quantitative investment management across seven key areas. Chapters by academics and practitioners working in leading investment management organizations bring together major theoretical and practical aspects of the field.

Financial Markets Theory

Author : Emilio Barucci
Publisher : Springer Science & Business Media
ISBN 13 : 1447100891
Total Pages : 473 pages
Book Rating : 4.4/5 (471 download)

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Book Synopsis Financial Markets Theory by : Emilio Barucci

Download or read book Financial Markets Theory written by Emilio Barucci and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 473 pages. Available in PDF, EPUB and Kindle. Book excerpt: A presentation of classical asset pricing theory, this textbook is the only one to address the economic foundations of financial markets theory from a mathematically rigorous standpoint and to offer a self-contained critical discussion based on empirical results. Tools for understanding the economic analysis are provided, and mathematical models are presented in discrete time/finite state space for simplicity. Examples and exercises included.

The Impact of Uncertainty and Risk on Setting Optimal Compensation Plans

Author : Paul D. Berger
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (261 download)

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Book Synopsis The Impact of Uncertainty and Risk on Setting Optimal Compensation Plans by : Paul D. Berger

Download or read book The Impact of Uncertainty and Risk on Setting Optimal Compensation Plans written by Paul D. Berger and published by . This book was released on 1989 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Optimal Strategy for a Fund Manager with Option Compensation

Author : Marco Nicolosi
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Optimal Strategy for a Fund Manager with Option Compensation by : Marco Nicolosi

Download or read book Optimal Strategy for a Fund Manager with Option Compensation written by Marco Nicolosi and published by . This book was released on 2017 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: I consider the problem of portfolio optimization for a manager whose compensation is given by the sum of a constant and a variable term. The constant term is a fixed percentage of the managed funds that is payed to the manager independently of his performance. The variable term is a premium that is proportional to the profit earned by the manager over a benchmark at a certain evaluation date. I find the optimal strategy and the optimal portfolio value in the Black-Scholes setting when the benchmark is a linear combination of the risky asset and the money market account.

Journal of Investment Management

Author :
Publisher :
ISBN 13 :
Total Pages : 522 pages
Book Rating : 4.:/5 ( download)

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Book Synopsis Journal of Investment Management by :

Download or read book Journal of Investment Management written by and published by . This book was released on 2007 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Investment under Uncertainty

Author : Robert K. Dixit
Publisher : Princeton University Press
ISBN 13 : 1400830176
Total Pages : 484 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Investment under Uncertainty by : Robert K. Dixit

Download or read book Investment under Uncertainty written by Robert K. Dixit and published by Princeton University Press. This book was released on 2012-07-14 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

Modeling, Dynamics, Optimization and Bioeconomics IV

Author : Alberto Pinto
Publisher : Springer Nature
ISBN 13 : 3030781631
Total Pages : 448 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis Modeling, Dynamics, Optimization and Bioeconomics IV by : Alberto Pinto

Download or read book Modeling, Dynamics, Optimization and Bioeconomics IV written by Alberto Pinto and published by Springer Nature. This book was released on 2021-09-29 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, following the three published volumes of the book, provides the main purpose to collect research papers and review papers to provide an overview of the main issues, results, and open questions in the cutting-edge research on the fields of modeling, optimization, and dynamics and their applications to biology, economy, energy, industry, physics, psychology and finance. Assuming the scientific relevance of the presenting innovative applications as well as merging issues in these areas, the purpose of this book is to collect papers of the world experts in mathematics, economics, and other applied sciences that is seminal to the future research developments. The majority of the papers presented in this book is authored by the participants in The Joint Meeting 6th International Conference on Dynamics, Games, and Science – DGSVI – JOLATE and in the 21st ICABR Conference. The scientific scope of the conferences is focused on the fields of modeling, optimization, and dynamics and their applications to biology, economy, energy, industry, physics, psychology, and finance. Assuming the scientific relevance of the presenting innovative applications as well as merging issues in these areas, the purpose of the conference is to bring together some of the world experts in mathematics, economics, and other applied sciences that reinforce ongoing projects and establish future works and collaborations.

Compensation and Reward Management

Author : R. C. Sharma
Publisher : Taylor & Francis
ISBN 13 : 1040002811
Total Pages : 466 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis Compensation and Reward Management by : R. C. Sharma

Download or read book Compensation and Reward Management written by R. C. Sharma and published by Taylor & Francis. This book was released on 2024-04-04 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a comprehensive account of the intricacies related to compensation and reward management in Indian organizations—a vital strategic feature of HR management. It presents a blend of theoretical concepts, definitions, approaches, methods and techniques related to compensation practices being followed/likely to be followed in organizations. Starting with a conceptual framework, it discusses wage determination and wage fixation practices in India, salary reviews and reward management policies, and processes and procedures, in addition to international remuneration with special reference to expatriates and the remuneration of third country nationals. In addition to examining the designing and monitoring of salary grade structures including salary progression curves, it spells out divergent systems and institutions for wage determination/wage fixation practices in Indian organizations. Rich in pedagogical features, including learning objectives, discussion questions, individual and group activities, the volume also has numerous case studies. This book will be useful to students of human resource management, business economics, corporate finance, corporate governance, organizational studies, strategic management, finance, business and industry, public administration, social work and other allied fields.

The Handbook of Technology and Innovation Management

Author : Scott Shane
Publisher : John Wiley & Sons
ISBN 13 : 1405127910
Total Pages : 514 pages
Book Rating : 4.4/5 (51 download)

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Book Synopsis The Handbook of Technology and Innovation Management by : Scott Shane

Download or read book The Handbook of Technology and Innovation Management written by Scott Shane and published by John Wiley & Sons. This book was released on 2009-07-07 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely handbook represents the latest thinking in the field of technology and innovation management, with an up-to-date overview of the key developments in the field. The editor provides with a critical, introductory essay that establishes the theoretical framework for studying technology and innovation management The book will include 15-20 original essays by leading authors chosen for their key contribution to the field These chapters chart the important debates and theoretical issues under 3 or 4 thematic headings The handbook concludes with an essay by the Editor highlighting the emergent issues for research The book is targeted as a handbook for academics as well as a text for graduate courses in technology and innovation management

An Analysis of CEO Equity Compensation in an Incomplete Contracting Framework

Author : Matthias Kiefer
Publisher : Matthias Kiefer
ISBN 13 :
Total Pages : 262 pages
Book Rating : 4./5 ( download)

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Book Synopsis An Analysis of CEO Equity Compensation in an Incomplete Contracting Framework by : Matthias Kiefer

Download or read book An Analysis of CEO Equity Compensation in an Incomplete Contracting Framework written by Matthias Kiefer and published by Matthias Kiefer. This book was released on 2015-01-01 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: I investigate whether equity grants increase the costs of CEO dismissal or departure (Oyer, 2004; Almazan and Suarez, 2003). I argue that costs of dismissal are increased because equity grants become exercisable upon forced departure. Equity grants can increase the costs of leaving because voluntarily departing CEOs forfeit equity compensation upon departure. I follow Rajgopal, Shevlin and Zamora (2006) in linking CEO equity compensation to a measure of labor market competition in a sample of S&P1500 companies from 1996 to 2010. I find that the intensity of labor market competition measured by a Herfindahl-Hirschman Index across industries and states affects equity grants and that the correlation is reversed in the penultimate year of forced CEO departure. This is consistent with the view that CEOs are concerned about being replaced in competitive labor markets and therefore demand more compensation that converts into severance pay. Conversely, when a dismissal is anticipated, I argue that CEOs are concerned about finding new employment and are then insured against a lack of outside opportunities. In addition, I conduct an empirical investigation of the relationship between stock options, restricted stock grants and other long-term compensation between 2001 and 2006. I argue that the Sarbanes-Oxley Act did not increase managerial accountability (see for example Cohen, Dey and Lys, 2005) and that new accounting rules did not increase accounting costs of stock options (see for example Hayes, Lemmon and Qiu, 2012). Instead, I suggest that the effective prohibition of executive loans from firms and brokers made it prohibitively costly for CEOs to exercise stock options. I find that stock options began to be replaced with other long-term compensation as early as 2004. CEOs began to accumulate vested but unexercised stock options. I do not find evidence that CEOs sold vested stock to raise funds.In the final empirical chapter, I consider whether a Herfindahl-Hirschman Index across industries and states can be interpreted as a proxy for labor market competition. Aggarwal and Samwick (1999) argue that it is product market competition that affects CEO equity grants. My results are consistent with Rajgopal, Shevlin and Zamora (2006) who do not find evidence that product market competition has any significant impact on equity grants. Instead, I find that labor market competition retains a significant and positive impact in our tests, and notably holds for the largest single product market. The principal limitations of the project were found to be the difficulty of collecting data of intended turnover and classifying it into forced and voluntary turnover. With respect to loans to executives, loans by brokers are usually not disclosed. This study is the first to analyze equity compensation as severance arrangement. CEO cash constraints in exercising options is an unexplored explanation for their disappearance.

Handbook Utility Management

Author : Andreas Bausch
Publisher : Springer Science & Business Media
ISBN 13 : 3540793496
Total Pages : 817 pages
Book Rating : 4.5/5 (47 download)

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Book Synopsis Handbook Utility Management by : Andreas Bausch

Download or read book Handbook Utility Management written by Andreas Bausch and published by Springer Science & Business Media. This book was released on 2009-07-07 with total page 817 pages. Available in PDF, EPUB and Kindle. Book excerpt: Along with the increasing deregulation of European utility markets the dynamics of and the competitive pressure in the utility industries have steadily increased over the last years. These changes in the regulatory framework towards an integrated market environment have resulted in new challenges for the management of power and gas companies and in a substantial need for strategic reorientation. In the context of these developments the Handbook Utility Management reflects current challenges in the utility industries and provides solutions from a managerial perspective. The inclusion of latest insights from top managers, renowned researchers, professionals in utility-related investment banking and consulting, and professionals in public and supranational organizations on all value chain activities within the industry makes the Handbook an indispensable asset for both professionals and researchers.

Handbook of Financial Intermediation and Banking

Author : Anjan V. Thakor
Publisher : Elsevier
ISBN 13 : 0080559921
Total Pages : 605 pages
Book Rating : 4.0/5 (85 download)

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Book Synopsis Handbook of Financial Intermediation and Banking by : Anjan V. Thakor

Download or read book Handbook of Financial Intermediation and Banking written by Anjan V. Thakor and published by Elsevier. This book was released on 2008-07-07 with total page 605 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of financial intermediation research has yielded a host of questions that have pushed "design" issues to the fore even as the boundary between financial intermediation and corporate finance has blurred. This volume presents review articles on six major topics that are connected by information-theoretic tools and characterized by valuable perspectives and important questions for future research. Touching upon a wide range of issues pertaining to the designs of securities, institutions, trading mechanisms and markets, industry structure, and regulation, this volume will encourage bold new efforts to shape financial intermediaries in the future. Original review articles offer valuable perspectives on research issues appearing in top journals Twenty articles are grouped by six major topics, together defining the leading research edge of financial intermediation Corporate finance researchers will find affinities in the tools, methods, and conclusions featured in these articles

Risk, Uncertainty and Profit

Author : Frank H. Knight
Publisher : Cosimo, Inc.
ISBN 13 : 1602060053
Total Pages : 401 pages
Book Rating : 4.6/5 (2 download)

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Book Synopsis Risk, Uncertainty and Profit by : Frank H. Knight

Download or read book Risk, Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.

Tort Liability Under Uncertainty

Author : Ariel Porat
Publisher : Oxford University Press, USA
ISBN 13 : 9780198267973
Total Pages : 236 pages
Book Rating : 4.2/5 (679 download)

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Book Synopsis Tort Liability Under Uncertainty by : Ariel Porat

Download or read book Tort Liability Under Uncertainty written by Ariel Porat and published by Oxford University Press, USA. This book was released on 2001 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Providing a comprehensive and principled account of the uncertainty problem that arises in tort litigation, this text critically examines the existing doctrinal solutions of the problem, as evolved in England, United States, Canada & Israel.

Governance and Innovation

Author : Maria Brouwer
Publisher : Routledge
ISBN 13 : 1134075367
Total Pages : 260 pages
Book Rating : 4.1/5 (34 download)

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Book Synopsis Governance and Innovation by : Maria Brouwer

Download or read book Governance and Innovation written by Maria Brouwer and published by Routledge. This book was released on 2008-03-10 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the relationships between rules of decision-making and economic development, concentrating on the similarities and differences between old and modern modes of governance in both business and politics.

The Business of Healthcare Innovation

Author : Lawton Robert Burns
Publisher : Cambridge University Press
ISBN 13 : 9781139445887
Total Pages : 408 pages
Book Rating : 4.4/5 (458 download)

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Book Synopsis The Business of Healthcare Innovation by : Lawton Robert Burns

Download or read book The Business of Healthcare Innovation written by Lawton Robert Burns and published by Cambridge University Press. This book was released on 2005-08-25 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Business of Healthcare Innovation is the first wide-ranging analysis of business trends in the manufacturing segment of the health care industry. In this leading edge volume, Professor Burns focuses on the key role of the 'producers' as the main source of innovation in health systems. Written by professors of the Wharton School and industry executives, this book provides a detailed overview of the pharmaceutical, biotechnology, genomics/proteomics, medical device and information technology sectors. It analyses the market structures of these sectors as well as the business models and corporate strategies of firms operating within them. Most importantly, the book describes the growing convergence between these sectors and the need for executives in one sector to increasingly draw upon trends in the others. It will be essential reading for students and researchers in the field of health management, and of great interest to strategy scholars, industry practitioners and management consultants.