题　目：Are Mutual Fund Managers Paid for Performance? Evidence from U.S. Administrative Earnings Data

嘉　宾：马琳琳 副教授 北京大学汇丰商学院

主持人：杨  彪 助理教授 上海交通大学安泰经济与管理学院

时　间：2024年3月29日（周五）10:00-11:30

地　点：上海交通大学 徐汇校区安泰A507室 

内容简介:

We study the determinants of compensation for portfolio managers in the U.S. mutual fund industry using administrative data on worker-level earnings from the U.S. Census Bureau. We find that the average portfolio manager’s pay is $1.76 million in 2020 dollars and a clear skew toward the right tail of the distribution. More importantly, we document a strong pay-for-performance sensitivity (PPS) for portfolio managers. For instance, a 1% increase in the average abnormal return of the past three, five, and ten years increases an average manager’s pay by 5.3%, 7.8%, and 10.3%, respectively. Furthermore, we also investigate the economic rationale for the performance incentives we document in portfolio manager pay. We find that portfolio managers’ compensation is strongly correlated with the expected fee revenue they generate for investment advisors via the flow-performance relationship. Overall, our paper provides the first quantification of the performance-based incentives for U.S. portfolio managers and offers novel insights into the pay-for-performance paradigm in the U.S. asset management industry.

演讲人简介：

Linlin Ma is an Associate Professor of Finance at Peking University HSBC Business School. Her research interests include mutual funds, hedge funds, and behavioral finance. She has published in leading academic journals such as the Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Management Science. Her work has been featured in prominent media outlets such as the Wall Street Journal, New York Times, and CNBC. Before joining Peking University in July 2018, Professor Ma was an Assistant Professor of Finance at D'Amore-McKim School of Business, Northeastern University. Dr. Ma earned her Ph.D. in Finance from Georgia State University in 2013.

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