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La gestion institutionnelle : incitations données aux gérants et performances

Author

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  • Patricia Charléty

Abstract

[fre] Le développement de la gestion institutionnelle pose deux questions liées au comportement des gérants. La première est celle de son influence sur la volatilité des marchés financiers. La deuxième porte sur l’efficacité des gérants au regard de l’intérêt de leurs clients. Étant données les asymétries d’information, il existe là un problème «d’agence» classique qui fait l’objet de cet article. Dans un premier temps, l’auteur présente les différentes mesures de performance des OPCVM. Puis il tente de cerner les incitations fournies aux gérants de fonds par leur hiérarchie. Enfin, il décrit des résultats empiriques portant sur le comportement et les performances des gérants. . Classification JEL : G23, G30, D82 . . . [eng] Incentives and Performances of Institutional Investors . The development of institutional investors raise two questions concerning institutional managers behaviour. The first question is the impact on the financial markets volatility. The second deals with adequacy between the managers’ performances and the interest of the savers. This article deals with this second question focused on asymmetric information and agency problems. The author explains the performance’s measures of institutional investors, managers incentives and describes empirical studies. . JEL classifications : G23, G30, D82

Suggested Citation

  • Patricia Charléty, 2001. "La gestion institutionnelle : incitations données aux gérants et performances," Revue d'Économie Financière, Programme National Persée, vol. 63(3), pages 107-123.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_63_3_3672
    DOI: 10.3406/ecofi.2001.3672
    Note: DOI:10.3406/ecofi.2001.3672
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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