We provide an overview of the state of the art in research on operations in financial services.
We start by highlighting a number of specific operational features that differentiate financial …

We study compensation contracts of individual portfolio managers using hand‐collected
data of over 4,500 US mutual funds. Variations in the compensation structures are broadly …

This paper analyzes the asset pricing implications of commonly used portfolio management
contracts linking the compensation of fund managers to the excess return of the managed …

We model asset management as a continuum between active and passive: managers can
deviate from benchmark indices to exploit noise trader–induced distortions, but agency …

Purpose This study aims to examine the effect of liquidity risk on deposit money
banks'(DMBs) performance in Sub-Saharan Africa. This study also tests the interaction effect …

Compensation of mutual fund managers is paramount to understanding agency frictions in
asset delegation. We collect a unique registry-based dataset on the compensation of …

Americans are increasingly being asked to take responsibility for their own retirement
security. However, many people are ill-equipped to make financial decisions and have …

Most mutual fund managers have performance‐based contracts. Our theory predicts that
mutual fund managers with asymmetric contracts and mid‐year performance close to their …

We examine the role of peer (eg, Lipper manager indices) versus pure (eg, S&P 500)
benchmarks in fund manager compensation. We model their impact on manager incentives …

Concerned with excessive risk taking, regulators worldwide generally prohibit private
pension funds from charging performance-based fees. Instead, the premise underlying the …