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Is There Too Much Benchmarking in Asset Management?

Kashyap, Anil K. - 2020

We propose a model of asset management in which benchmarking arises endogenously, and analyze its unintended welfare consequences. Fund managers' portfolios are unobservable and they incur private costs in running them. Conditioning managers' compensation on a benchmark portfolio's performance...

Persistent link: https://www.econbiz.de/10012482239

Asset Managers : Institutional Performance and Smart Betas

Gerakos, Joseph - 2016

Using a dataset of $17 trillion of assets under management, we document that actively-managed institutional accounts outperformed strategy benchmarks by 86 (42) basis points gross (net) during 2000-2012. In return, asset managers collected $162 billion in fees per year for managing 29% of...

Persistent link: https://www.econbiz.de/10012455698

Sharing a Government

Ventura, Jaume - 2019

This paper develops a simple theoretical framework to study a set of regions, each with its own regional government, who share a union or central government. These governments must decide whether to implement or discard a large number of projects that produce local benefits for the region that...

Persistent link: https://www.econbiz.de/10012480087

Liquidity and Governance

Back, Kerry - 2013

Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and … information concerns her own plans for taking an active role in governance. We show that an increase in the liquidity of the firm … governance. Empirical tests using three distinct sources of exogenous variation in liquidity confirm the negative relation …

Persistent link: https://www.econbiz.de/10012458993

The governance of not-for-profit organizations

Glaeser, Edward L. (ed.) - 2003

Persistent link: https://www.econbiz.de/10013480759