TY  - UNPD
A1  - Gillenkirch, Robert M.
T1  - Anreizwirkungen und Bewertung von Erfolgsbeteiligungen im Portefeuillemanagement
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 7
N2  - Performance fees for portfolio managers are designed to align the managers' goals with those of the investors and to motivate managers to aquire "superior" information and to make better investment decisions. A part of the literature analyzes performance fees on the basis of market valuation. In this article it is shown that market valuation faces a dilemma: on the one hand, the conditions which allow for market valuation imply that the portfolio manager perfectly hedges the performance fee. This in turn implies severe restrictions on the incentive effects of the performance fee. In particular, the fee does not motivate the manager to use superior information for investment decisions concerning the managed portfolio. On the other hand, better incentives can only be generated under conditions which exclude market valuation. In this case, the analysis has to be based on expected utility valuation. Keywords: performance fees, portfolio managers, "superior" information, market valuation, incentive effects
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 7 
KW  - performance fees
KW  - portfolio managers
KW  - "superior" information
KW  - market valuation
KW  - incentive effects
KW  - Investmentfonds
KW  - Investmentsparen
KW  - Gewinnbeteiligung
KW  - Tantieme
KW  - Anreizsystem
KW  - Portfolio Insurance
KW  - Portfolio Selection
KW  - Portfoliomanagement
Y1  - 1997
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/6992
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-70199
EP  - 21
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -