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Compensating Power: An Analysis Of Rents And Rewards In The Mutual Fund Industry, William A. Birdthistle
Compensating Power: An Analysis Of Rents And Rewards In The Mutual Fund Industry, William A. Birdthistle
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The allegations of malfeasance in the investment management industry - market timing, late trading, revenue sharing, and several others - involve a broad range of mutual fund operations. This Article seeks to explain the common source of these irregularities by focusing upon a trait they share: the practice of investment advisers' capitalizing upon their managerial influence to increase assets under management in order to generate greater fees from those assets. This Article extends theories of executive compensation into the context of investment management to understand the extraction of rents by mutual fund advisers. Investment advisers, as collective groups of portfolio …
Section 83(B) Election For Restricted Stock: A Joint Tax Perspective, Michael S. Knoll
Section 83(B) Election For Restricted Stock: A Joint Tax Perspective, Michael S. Knoll
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In the wake of the Financial Accounting Standard Board's decision to require firms that grant employee stock options (ESOs) to treat such options as an expense, many large and sophisticated firms are switching from ESOs to restricted stock. Restricted stock - stock granted to an employee as part of her compensation and subject to the condition that if she leaves the firm within a period of time (often 3 years) she forfeits the stock - appears to be on its way to becoming the dominant form of equity-based pay in the United States. Yet, in spite of its prominence, little …