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Alternative Investment Performance Fee Arrangements and Implications for SEC Regulatory Policy

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Author Info
Franco Modigliani
Gerald A. Pogue

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Abstract

This paper first examines the effect of two basic types of investment performance fees, which differ in the method of performance measurement, on the amount and variability of investment advisory compensation. Then this effect is related to the risk borne by fund investors. From this analysis, policy implications for the SEC's regulation of incentive fee plans are drawn, with considerations of equity, resource allocation, and minimization of restrictive rules.

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File URL: http://links.jstor.org/sici?sici=0361-915X%28197521%296%3A1%3C127%3AAIPFAA%3E2.0.CO%3B2-N&origin=repec
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Publisher Info
Article provided by The RAND Corporation in its journal Bell Journal of Economics.

Volume (Year): 6 (1975)
Issue (Month): 1 (Spring)
Pages: 127-160
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Handle: RePEc:rje:bellje:v:6:y:1975:i:spring:p:127-160

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  1. Judith Chevalier & Glenn Ellison, 1998. "Career Concerns of Mutual Fund Managers," NBER Working Papers 6394, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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