【简报】天美制作果冻视频系列学术研讨会（154）
2015-09-08 00:00:00
9月2号上午，来自新加坡国立大学的Steven Kou教授在汇丰大楼335教室为大家带来了学院2015-2016学年度的第一场学术研讨会，研讨会的主题为“Separating Skilled and Unskilled Fund Managers by Contract Design”。Erik Benrud、孔繁敏、蓝颖杰、张子龙等老师也一同参与了研讨。
研讨会伊始，Young Joon Park教授向大家简单介绍了Steven Kou教授。Steven Kou教授现任新加坡国立大学风险管理研究所主任、国大数学系客座教授。他曾于哥伦比亚大学、密歇根大学以及罗格斯大学执教，所开课程涉及数量金融、随机模型和统计等。他的研究结果被华尔街广泛运用，并被编入惭叠础教材。
研讨会伊始，Young Joon Park教授向大家简单介绍了Steven Kou教授。Steven Kou教授现任新加坡国立大学风险管理研究所主任、国大数学系客座教授。他曾于哥伦比亚大学、密歇根大学以及罗格斯大学执教，所开课程涉及数量金融、随机模型和统计等。他的研究结果被华尔街广泛运用，并被编入惭叠础教材。
摘要
Foster and Young (2010, Quarterly Journal of Economics) shows that it is very difficult to design performance fee contracts that reward skilled fund managers while screening out unskilled fund managers. In particular, none of the standard practices, such as postponing bonuses and claw back provisions, can separate the skilled and unskilled managers. We show that if (1) there is a liquidation boundary, meaning that the fund investors have the right to be informed and to liquidate their stake as soon as the fund returns is bad enough to hit the boundary, and (2) the fund manager has to use his/her own money to set up a deposit to offset the potential losses from the fund investors, then the skilled and unskilled fund managers can be separated. The deposit can be a combination of cash or an equity stake in the fund. A particular version of this type of contracts, called the first-loss scheme, is quite popular in China, and is emerging in U.S.
图1：Young Joon Park教授为大家介绍Steven Kou教授
图2：Steven Kou教授为大家讲解
图3：同学们认真聆听
?图4：同学们认真聆听
（撰稿：王爽）
