tailieunhanh - Dynamic Contracting in the Mutual Fund Industry∗

The Overseas Development Institute has also looked at such risk mitigation mechanisms. 23 In addition to the above, they highlight the use of pledge funds, whereby by public finance sponsors provide a small amount of equity to encourage larger pledges from private investors 24 . The World Economic Forum‟s report „Green Investing 2010‟ (WEF 2010) undertook an analysis of 35 different types of policy mechanism that can be deployed to spur the transition to a low-carbon economy which were broken down into five categories: energy market regulation; support for equity investment; support for debt investment; tax policies; creating markets. | Dynamic Contracting in the Mutual Fund Industry Camelia M. Kill UH 11 Stanford Graduate School of Business First version June 1 2004. This version November 17 2004 Abstract This paper analyzes the dynamics of contractual agreements between mutual funds and investment advisors. Using a new dataset that covers . funds between 1993-2002 I find cross-sectional and timeseries determinants of advisory contracts. I show that funds rarely experience contractual renegotiation and advisor changes. However these changes are beneficial decreases in advisory rates significantly increase subsequent fund performance and net inflows. Separating from an advisor has a significant positive effect on the subsequent ranking of mid-performing funds. These results are puzzling contractual changes are rare in spite of their economically significant benefits. I would like to thank Ulrike Malmedier Steve Grenadier Jeff Zwiebel Jeremy Graveline Steve Drucker and Ayca Kaya for helpful comments and discussion. All remaining errors are mine. Stanford Graduate School of Business 518 Memorial Way S479 Stanford California 94305 camelia@ 650 724-4842. 1 . Dynamic Contracting in the Mutual Fund Industry This paper is the first to study the dynamics of contractual agreements between mutual funds and investment advisory firms to which funds are required to outsource their portfolio management services. These contracts are negotiated by fund directors whose duty is to act as fiduciaries of fund investors. Given the economic significance and the size of the asset management industry1 it is important to understand the determinants as well as the consequences of advisory contracts. The questions addressed in this paper are also motivated by a recent change in mutual funds regulation. In June 2004 the Securities and Exchange Commission SEC adopted a new rule 2 requiring enhanced disclosure regarding the approval of investment advisory contracts by the boards of directors of mutual .

• Quỹ đầu tư
• Planning Incorporation
• Policy and Management
• Medical Devices
• Care Sector in Benin
• Global Health
• Non Communicable Diseases
• Public health
• Pacifc Islands
• Dietary risk
• Noncommunicable diseases
• Change over time
• Noncommunicable disease
• Out of pocket payment
• Financial risk protection
• Catastrophic health expenditure
• Forgone care
• Low and middle income country
• BMC Pediatrics
• Financial burden of care
• National health insurance scheme
• Cost of hospitalization non communicable diseases
• Chronic respiratory diseases
• Clinical Background
• Influenza
• Pandemic Influenza
• Treatment and Prevention
• Precautions and Transmission
• Based Precautions
• mathematical questions
• sine correlation response
• Nitrogen pollution
• Atmospheric deposition
• Phosphorus pollution
• healthcare professionals
• patients is essential
• evidence based
• Prices
• Quality Perception
• Psychological Perspective
• individual patients
• information accessible
• prescribed medicines
• Quality Analysis
• Computer Based
• On Line Assessment
• Angiogenic Factors
• Local Immune
• Mechanisms Involved
• Formation of Endometriotic
• Endometriotic Lesions
• Virus Infection
• báo cáo khoa học
• báo cáo y học
• công trình nghiên cứu về y học
• tài liệu về y học
• cách trình bày báo cáo
• Vitrification Technique
• New Possibilities
• Gamete Low
• Vitrification
• Canadian Experience
• Lethal Osmotic
• Melanoma Skin Cancer
• Reconstructed Skin
• Analyze Stratum corneum
• Remodeling
• Epidermal Modifications
• Keratinocyte Culture Techniques
• Community medicine
• Recent advances
• Family planning
• Human genetics
• Mental health
• Adolescent health
• BMC Cancer
• Meta analysis
• Podocalyxin like protein
• Cancers survival
• BMC Geriatrics
• Metabolic syndrome
• Longitudinal analysis
• Coronary heart disease
• Cancer burden
• Death rate
• Older cancer patients
• BMC Public Health
• Cardiovascular disease
• Diabetes mellitus
• Chronic obstructive pulmonary disease
• Cervical cancer
• Service availability and readiness assessment
• Readiness index
• Erreygers index
• Concentration index