Motivating and Compensating Investment Advisors

Wei-Lin Liu

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Motivating and Compensating Investment Advisors

机译：激励和补偿投资顾问

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This paper considers the problem of how an investor can optimally motivate an investment advisor to exert costly effort to gather valuable investment information. We show that compensation schemes that are increasing in the investment payoffs may fail to optimally motivate the advisor. We then characterize the conditions under which the private nature of the advisor's acquired information affects how he is optimally motivated to work diligently and present the resulting optimal compensation. We establish the conditional optimality of benchmark-indexed compensation and provide an explanation to the limited use of such compensation schemes in practice.

机译：本文考虑了一个问题，即投资者如何才能最佳地激励投资顾问付出昂贵的努力来收集有价值的投资信息。我们表明，增加投资收益的补偿方案可能无法最佳地激励顾问。然后，我们描述了条件，在这种条件下，顾问获取的信息的私人性质会影响他如何最佳地勤奋工作并提出最佳补偿。我们建立了基准指数补偿的条件最优性，并为这种补偿方案在实践中的有限使用提供了解释。

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来源
《The Journal of Business》 |2005年第6期|p.2317-2349|共33页
作者
Wei-Lin Liu;
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Michigan State University;

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正文语种 eng
中图分类 f;
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Motivating and Compensating Investment Advisors

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