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Are Mutual Fund Managers Paid for Investment Skill?
Stockholm University, Faculty of Social Sciences, Department of Economics.
Number of Authors: 42018 (English)In: The Review of financial studies, ISSN 0893-9454, E-ISSN 1465-7368, Vol. 31, no 2, p. 715-772Article in journal (Refereed) Published
Abstract [en]

Compensation of mutual fund managers is paramount to understanding agency frictions in asset delegation. We collect a unique registry-based dataset on the compensation of Swedish mutual fund managers. We find a concave relationship between pay and revenue, in contrast to how investors compensate the fund company (firm). We also find a surprisingly weak sensitivity of pay to performance, even after accounting for the indirect effects of performance on revenue. Firm-level fixed effects, revenues, and profits add substantial explanatory power for compensation.

Place, publisher, year, edition, pages
2018. Vol. 31, no 2, p. 715-772
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:su:diva-156001DOI: 10.1093/rfs/hhx105ISI: 000428744100009OAI: oai:DiVA.org:su-156001DiVA, id: diva2:1205171
Available from: 2018-05-11 Created: 2018-05-11 Last updated: 2018-05-11Bibliographically approved

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