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URN: urn:nbn:de:swb:90-338477

High Water Marks in Hedge Fund Management Contracts

Sevostiyanova, Margarita

Abstract:
The thesis provides a theoretical rationale for the inclusion of high water mark (HWM) provisions in hedge fund management contracts. The results show (i) fund managers with better information about future fund profitability, have more incentives to efficiently close the fund it contracts include HWMs. (ii) Contracts with HWMs cause fund managers to smooth performance. HWMs provide both the incentive to underreport returns in good times as well as to overreport returns during difficult periods.


Zugehörige Institution(en) am KIT Institut für Finanzwirtschaft, Banken und Versicherungen (FBV)
Publikationstyp Hochschulschrift
Jahr 2012
Sprache Englisch
Identifikator KITopen ID: 1000033847
Verlag Karlsruhe
Abschlussart Dissertation
Fakultät Fakultät für Wirtschaftswissenschaften (WIWI)
Institut Institut für Finanzwirtschaft, Banken und Versicherungen (FBV)
Prüfungsdatum 14.12.2012
Referent/Betreuer Prof. M. E. Ruckes
Schlagworte High Water Mark, Optimal Contract
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