BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Memento EPFL//
BEGIN:VEVENT
SUMMARY:Career Risk and Market Discipline in Asset Management
DTSTART:20190125T103000
DTEND:20190125T120000
DTSTAMP:20260919T215332Z
UID:b1df7cd637e06d725b7bb64f60b3c6ac50031d92cc5daf8e782a31d3
CATEGORIES:Conferences - Seminars
DESCRIPTION:Marco PAGANO\, University of Naples Federico II\, CSEF and E
 IEF\nWe establish that the labor market helps discipline asset managers vi
 a the impact of fund liquidations on their careers. Using hand-collected d
 ata on 1\,948 professionals\, we find that top managers working for funds 
 liquidated after persistently poor relative performance suffer demotion co
 upled with a significant loss in imputed compensation. Scarring effects ar
 e absent when liquidations are preceded by normal relative performance or 
 involve mid-level employees. Seen through the lens of a model with moral h
 azard and adverse selection\, these scarring effects can be ascribed to a 
 drop in asset managers' reputation. The  findings suggest that performanc
 e-induced liquidations supplement compensation-based incentives.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
END:VEVENT
END:VCALENDAR