Mutual fund incentive fees: Determinants and effects

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dc.contributor.author Dragoni, Danilo en_US
dc.contributor.author Lazzari, Valter en_US
dc.contributor.author Navone, Marco en_US
dc.contributor.editor en_US
dc.date.accessioned 2012-02-02T11:03:38Z
dc.date.available 2012-02-02T11:03:38Z
dc.date.issued 2010 en_US
dc.identifier 2010006292 en_US
dc.identifier.citation Dragoni Danilo, Lazzari Valter, and Navone Marco 2010, 'Mutual fund incentive fees: Determinants and effects', Wiley-Blackwell, vol. 39, no. 1, pp. 365-392. en_US
dc.identifier.issn 0046-3892 en_US
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/15857
dc.description.abstract We investigate the how and why of performance fee provisions in a free contracting environment such as the Italian mutual fund market until 2006. We find weak support for the hypothesis that these provisions emerge as an economically efficient solution in a rational asset management industry plagued by asymmetric information. They appear to emerge mainly as the product of strategic pricing by asset managers wishing to ease market competition, leverage on investors' sentiment, and hedge their cost structure. Alternatively, fears that managers may opportunistically alter funds' investment policies to maximize the option value embedded in the incentive provisions appear unjustified. en_US
dc.language en_US
dc.publisher Wiley-Blackwell en_US
dc.relation.hasversion Accepted manuscript version en_US
dc.relation.isbasedon http://dx.doi.org/10.1111/j.1755-053X.2010.01076.x en_US
dc.title Mutual fund incentive fees: Determinants and effects en_US
dc.parent Financial Management en_US
dc.journal.volume 39 en_US
dc.journal.number 1 en_US
dc.publocation US en_US
dc.identifier.startpage 365 en_US
dc.identifier.endpage 392 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.for 150200 en_US
dc.personcode 0000069253 en_US
dc.personcode 0000071445 en_US
dc.personcode 109036 en_US
dc.percentage 100 en_US
dc.classification.name Banking, Finance and Investment en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords NA en_US
dc.staffid en_US
dc.staffid 109036 en_US


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