Scandinavian Working Papers in Business Administration

Sustainable Investment and Corporate Governance Working Papers,
Sustainable Investment Research Platform

No 2010/1: On Incentives for Sustainable Investments

Georgios Foufas (), Mattias Sundén () and Evert Carlsson ()
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Georgios Foufas: Centre for Finance, School of Business, Economics and Law, Gothenburg University
Mattias Sundén: Centre for Finance, School of Business, Economics and Law, Gothenburg University
Evert Carlsson: Centre for Finance, School of Business, Economics and Law, Gothenburg University

Abstract: There is a trend among institutional investors to split their assets between index-managers and specialists. The specialist mandates are typically delegated to specialist asset managers, who are assumed to generate "alpha", take on large risks and whose remuneration is performance based. In this paper, we will study how the optimal behavior of the specialist manager will depend on the remuneration structure.

Keywords: Incentives; portfolio choice; sustainable investments; value function

28 pages, January 19, 2010

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