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Displaying results 1 to 4 of 4.

  1. Are fund managers rewarded for taking cyclical risks?
    Author: Ryan, Ellen
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The investment fund sector has expanded dramatically since the crisis of 2008-2009. As the sector grows, so do the implications of its risk-taking for the wider financial system and real economy. This paper provides empirical evidence for the... more

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    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 534
    Inter-library loan:
    No inter-library loan

     

    The investment fund sector has expanded dramatically since the crisis of 2008-2009. As the sector grows, so do the implications of its risk-taking for the wider financial system and real economy. This paper provides empirical evidence for the existence of widespread risk-taking incentives in the investment fund sector, with a particular focus on incentives for synchronised, cyclical risk-taking which could have systemic effects. Incentives arise from the positive response of investors to returns achieved through cyclical risk-taking and non-linearities in the relationship between fund returns and fund flows, which may keep managers from fully internalising the effects of adverse outcomes on their portfolios. The fact that market discipline may not be sufficient to ensure prudential behaviour among managers, combined with the externalities of this risk-taking for the wider system, creates a clear case for macroprudential regulatory intervention.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289949859
    Other identifier:
    hdl: 10419/261186
    Series: Working paper series / European Central Bank ; no 2652 (March 2022)
    Subjects: Financial stability; investment funds; incentive; risk-taking; macro prudential policy
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  2. Are fund managers rewarded for taking cyclical risks?
    Author: Ryan, Ellen
    Published: [2022]
    Publisher:  European Systemic Risk Board, Frankfurt am Main, Germany

    The investment fund sector has expanded dramatically since the crisis of 2008-2009. As the sector grows, so do the implications of its risk-taking for the wider financial system and real economy. This paper provides empirical evidence for the... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 611
    Inter-library loan:
    No inter-library loan

     

    The investment fund sector has expanded dramatically since the crisis of 2008-2009. As the sector grows, so do the implications of its risk-taking for the wider financial system and real economy. This paper provides empirical evidence for the existence of wide- spread risk-taking incentives in the investment fund sector, with a particular focus on incentives for synchronised, cyclical risk-taking which could have systemic effects. Incentives arise from the positive response of investors to returns achieved through cyclical risk-taking and non-linearities in the relationship between fund returns and fund flows, which may keep managers from fully internalising the effects of adverse outcomes on their portfolios. The fact that market discipline may not be sufficient to ensure prudential behaviour among managers, combined with the externalities of this risk-taking for the wider system, creates a clear case for macroprudential regulatory intervention.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789294722560
    Other identifier:
    hdl: 10419/265235
    Series: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 134 (July 2022)
    Subjects: Financial stability; investment funds; incentive; risk-taking; macroprudential policy
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  3. Reference points and the tradeoff between risk and incentives
    Author: Dohmen, Thomas; Non, Jan Adrianus; Stolp, Tom
    Published: November 2021
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    We conduct laboratory experiments to investigate basic predictions of principal-agent theory about the choice of piece rate contracts in the presence of output risk, and provide novel insights that reference dependent preferences affect the tradeoff... more

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    Verlag (kostenfrei)
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 4
    Inter-library loan:
    No inter-library loan

     

    We conduct laboratory experiments to investigate basic predictions of principal-agent theory about the choice of piece rate contracts in the presence of output risk, and provide novel insights that reference dependent preferences affect the tradeoff between risk and incentives. Subjects in our experiments choose their compensation for performing a real-effort task from a menu of linear piece rate and fixed payment combinations. As classical principal-agent models predict, more risk averse individuals choose lower piece rates. However, in contrast to those predictions, we find that low-productivity risk averse workers choose higher piece rates when the riskiness of the environment increases. We hypothesize that reference points affect piece rate choice in risky environments, such that individuals whose expected earnings would exceed (fall below) the reference point in a risk-free environment behave risk averse (seeking) in risky environments. In a second experiment, we exogenously manipulate reference points and confirm this hypothesis.

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/250496
    Series: Discussion paper series / IZA ; no. 14835
    Subjects: incentive; piece-rate; risk; reference point; laboratory experiment
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  4. Nudges and monetary incentives
    a green partnership?
    Author: Maris, Robbie; Dorner, Zack; Carlsson, Frederik
    Published: March 2024
    Publisher:  Department of Economics, University of Gothenburg, [Göteborg]

    Access:
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 50
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    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 2077/80352
    Series: Working paper in economics ; no. 842
    Subjects: Field experiment; incentive; nature restoration; nudge; PEB; pro-environmental behaviour; synergy; volunteering
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen