• 1 Introduction
  • 2 Incentives in the fund management industry
  • 3 Data
  • 3.1 Questionnaire design and pretests
  • 3.2 Participation rate and responses
  • 4 Description of fund managers' bonus payments in three countries
  • 5 Institutional correlates of high bonus payments
  • 6 Bonus and working effort
  • 7 Bonus and risk-taking
  • 8 Bonus and fundamental investment orientation
  • 9 Relative versus absolute performance assessment
  • 10 Conclusions
  • References