Mutual fund director compensation
基于手工整理的美国共同基金数据，研究发现董事薪酬与工作量、经验等生产性特征正相关，但与基金业绩或费用无关，支持董事主要发挥行政或合规角色的观点。
Abstract We examine director compensation using a large sample of hand‐compiled U.S. mutual fund data. We find that director compensation is positively correlated with observable productive characteristics—workload, experience, and demographics—that capture the benefits from the directors’ monitoring effort. We also find that family‐wide policies contribute to higher director pay. However, we find no evidence that more lucrative director compensation is associated with fund performance or fees. These findings lend empirical support to the idea that mutual fund directors may play more of an administrative or compliance role.