排序方式: 共有17条查询结果,搜索用时 703 毫秒
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High-Water Marks and Hedge Fund Management Contracts 总被引:1,自引:0,他引:1
William N. Goetzmann Jonathan E. Ingersoll Stephen A. Ross 《The Journal of Finance》2003,58(4):1685-1718
Incentive fees for money managers are frequently accompanied by high‐water mark provisions that condition the payment of the performance fee upon exceeding the previously achieved maximum share value. In this paper, we show that hedge fund performance fees are valuable to money managers, and conversely, represent a claim on a significant proportion of investor wealth. The high‐water mark provisions in these contracts limit the value of the performance fees. We provide a closed‐form solution to the cost of the high‐water mark contract under certain conditions. Our results provide a framework for valuation of a hedge fund management company. 相似文献
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Jonathan E. Ingersoll Jr. 《Review of Derivatives Research》1996,1(2):159-181
Foreign exchange rates have been subjected to periods of tighter or looser controls as various political and economic forces have waxed and waned. When currencies were backed by gold there were fixed exchange rates. In 1973 floating exchange rates were adopted though many countries did try to keep their currency values within certain ranges. More recently the European Economic Community formalized this practice. Free-floating exchange rates might be well characterized by the lognormal distribution which is standard in option pricing. However, this is probably a poor approximation for exchange rates which are kept within some range by the actions of one or both governments or central banks. This paper develops a model which can be used to value options and other derivative contracts when the underlying exchange rate is bounded in a fixed range (a, b). Methods for pricing both European and American style options are developed.The author would like to thank Ken French and Geert Rouwenhorst for their comments and suggestions. 相似文献
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The purpose of this action research study is to learn directly from undergraduate students, through focus groups, about their experiences in their first accounting class, especially about the students’ knowledge and practice of critical thinking and about which classroom experiences engaged their attention and enhanced learning. The findings show that students want to understand how the first accounting course connects to the business world and to their other classes. Participants were unsure about when and how they practiced critical thinking; for improved learning outcomes, instructors need to keep critical thinking front and center. Students also need instruction in how to study accounting and how to utilize effectively the resources provided in their textbooks and as supplemental tools (e.g. integrated accounting software). Accounting professors must adapt their teaching methods to help students to meet professional demands, such as critical thinking skills and ability to handle a complex global business environment. 相似文献
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Do Women Leaders Promote Sustainability? Analyzing the Effect of Corporate Governance Composition on Environmental Performance
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Christy Glass Alison Cook Alicia R. Ingersoll 《Business Strategy and the Environment》2016,25(7):495-511
In this study, we investigate the impact women leaders have on the corporate environmental strategies of organizations. Using a dataset of all Fortune 500 CEOs and boards of directors for a ten‐year period, we examine several aspects of gender in leadership on environmental strategy. Specifically, we test the impact of women CEOs, the proportion of women on the BOD, the number of interlinks women board members hold, and the interactive and cumulative effects of women CEOs and gender diverse boards. Findings suggest that firms characterized by gender diverse leadership teams are more effective than other firms at pursuing environmentally friendly strategies. This study contributes to research on corporate governance and environmental performance by showing how the gender composition of leaders affects corporate practice. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment 相似文献
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Jonathan E. Ingersoll 《Journal of Financial Economics》1977,4(3):289-321
This paper examines the pricing of convertible bonds and preferred stocks. The optimal policies for call and conversion of these securities are determined via the criterion of dominance. The techniques underlying the Black-Scholes Option Model are used to price convertible securities as contingent claims on the firm as a whole. 相似文献
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Goetzmann William; Ingersoll Jonathan; Spiegel Matthew; Welch Ivo 《Review of Financial Studies》2007,20(5):1503-1546
Numerous measures have been proposed to gauge the performanceof active management. Unfortunately, these measures can be gamed.Our article shows that gaming can have a substantial impacton popular measures even in the presence of high transactionscosts. Our article shows there are conditions under which amanipulation-proof measure exists and fully characterizes it.This measure looks like the average of a power utility function,calculated over the return history. The case for using our alternativeranking metric is particularly compelling for hedge funds whoseuse of derivatives is unconstrained and whose managers' compensationitself induces a nonlinear payoff. 相似文献
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Meeting Magnet research evidence-based practice expectations through hospital-based research centers
Hospital-based nursing research centers can create the structures and processes needed to promote and sustain research and evidence-based practice (EBP) and assist in the monitoring of care delivery outcomes. At the University of Rochester Medical Center, New York, a highly successful nursing research center has succeeded in creating a Magnet environment that incorporates research and EBP into strategic planning, individual employee performance review, and organizational processes. Support of a hospital-based research center can provide the foundation for an infrastructure that supports achievement of Magnet designation research and EBP criteria. The costs pertain primarily to the staff required to develop and manage the center and the educational programs offered through it. Based on the experience at this center, administrators should plan 3-5 years before significant impact is seen in terms of numbers of consultations performed and tangible increases in staff and leadership participation in research and EBP initiatives. 相似文献
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Jonathan E. Ingersoll Jr. 《Review of Derivatives Research》2006,9(1):67-105
Over the past quarter century, the use of stock options as pay for performance has grown enormously. Option grants now account
for 32% of CEO pay—more than twice that of salaries. In addition options are now being granted to many more employees than
before. During this same time period, there have been numerous innovations in the features on compensation options. One of
these features is the reload—the grant of new options to replace shares tendered in the payment of the exercise.
Within the past year, the long-delayed FASB requirement that options be expensed for financial reporting has finally become
a fact. It is incumbent upon financial researchers to provide methods to achieve the goal of valuing options, not only to
serve the accounting needs, but also to provide ways of determining their true costs and incentive effects.
This paper analyzes the various forms of reload options and provides simple Black-Scholes like formulas for evaluating them.
JEL Classification G13 相似文献
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