作者：Ma, Linlin; Tang, Yuehua; Gomez, Juan-Pedro
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; State University System of Florida; University of Florida; IE University
摘要：We study compensation contracts of individual portfolio managers using hand-collected data of over 4,500 U.S. mutual funds. Variations in the compensation structures are broadly consistent with an optimal contracting equilibrium. The likelihood of explicit performance-based incentives is positively correlated with the intensity of agency conflicts, as proxied by the advisor's clientele dispersion, its affiliations in the financial industry, and its ownership structure. Investor sophistication ...
作者：Weisbrod, Eric
作者单位：University of Miami
摘要：Using both investor- and stock-level data, I examine the relation between stockholders' unrealized returns since purchase and the market response to earnings announcements. I demonstrate that stockholders' unrealized gain/loss position moderates their trading behavior in response to earnings announcements. I also find that this behavior generates a short-window return underreaction to earnings news. My results are generally consistent with predictions from prospect theory regarding the manner ...
