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Höhe, Struktur und Determinanten der Managervergütung: Eine Analyse der Fondsbranche in Deutschland


  • Drachter, Kerstin
  • Kempf, Alexander


In dieser Arbeit untersuchen wir Höhe und Struktur der Vergütung von Fondsmanagern und erklären diese durch Eigenschaften des Arbeitnehmers, des Arbeitgebers und des Arbeitsplatzes. Insgesamt verdienen deutsche Fondsmanager weniger als ihre merikanischen Kollegen. Die Vergütungshöhe hängt primär von der Bedeutung des Arbeitsplatzes im Unternehmen ab, die Vergütungsstruktur dagegen in erster Linie von Eigenschaften des Fondsmanagers und der Fondsgesellschaft. Fondsgesellschaften motivieren ihre Manager primär durch hohe Boni in guten Jahren, nicht durch Bestrafung in schlechten Jahren. Dem aus dieser Asymmetrie resultierenden Anreiz zu hohen Anlagerisiken wirken Fondsgesellschaften durch Einschränkung der Handlungsspielräume der Manager entgegen. Insgesamt deuten die Ergebnisse auf ein hohes Maß an Rationalität bei der Ausgestaltung der Vergütungsverträge in der Fondsbranche hin.

Suggested Citation

  • Drachter, Kerstin & Kempf, Alexander, 2010. "Höhe, Struktur und Determinanten der Managervergütung: Eine Analyse der Fondsbranche in Deutschland," CFR Working Papers 10-05, University of Cologne, Centre for Financial Research (CFR).
  • Handle: RePEc:zbw:cfrwps:1005

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    More about this item


    Vergütungsdeterminanten; Festgehalt; Bonuszahlungen; Fondsmanager; Anreize;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods

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