Indirect Incentives of Hedge Fund Managers
研究发现，对冲基金经理的间接激励（良好业绩带来未来资金流入）平均是直接激励（业绩费和个人持股）的1.4倍以上，且年轻、可扩展性强的基金间接激励更强。
ABSTRACT Indirect incentives exist in the money management industry when good current performance increases future inflows of capital, leading to higher future fees. For the average hedge fund, indirect incentives are at least 1.4 times as large as direct incentives from incentive fees and managers’ personal stakes in the fund. Combining direct and indirect incentives, manager wealth increases by at least $0.39 for a $1 increase in investor wealth. Younger and more scalable hedge funds have stronger flow‐performance relations, leading to stronger indirect incentives. These results have a number of implications for our understanding of incentives in the asset management industry.