We study how investment fees vary within private-capital funds. Net-of-fee return clustering suggests that most funds have two tiers of fees, and we decompose differences across tiers into both management and performance-based fees. Managers of venture capital funds and those in high demand are...

Incentive compensation is a central concern in the relationship between the Chief Executive Officer (CEO) and the board of directors and between the CEO and shareholders. This book presents a focus on four key themes that are salient to the current debate on the consequences and determinants of...

This paper shows that the use of performance pay schemes has risen substantially across Europe from fewer than one-fifth in 2000 up to one-third in 2015, using data from the European Working Conditions Survey and the Structure of Earnings Survey enriched with external contextual data. This...

We argue that bank holding companies (BHCs) extend shadow insurance to the prime institutionalmoney market funds (PI-MMFs) they sponsor and that PI-MMFs price this shadow insurance bycharging investors significantly higher expense ratios and paying lower net yields. We provide evidence that...

Controversies around commission-based financial advice led many policy makers worldwideto introduce commission caps. Are these regulations effective in reducing prices offinancial products and stimulating investment? I examine these questions in the contextof mutual fund market by estimating the...

In this paper, we argue that bank-sponsored prime institutional money market funds (PI-MMFs) are different from non-bank-sponsored PI-MMFs. This difference can arise because the sponsoring bank holding companies (BHCs) can extend shadow insurance to ailing affiliated MMFs. We hypothesize that...

We document large variation in net-of-fee performance across public pension funds investing in the same private equity fund. In aggregate, these differences imply that the pensions in our sample would have earned $44 billion more – equivalent to $8.50 more per $100 invested – had they each...