... theorem Miller-Modigliani transaction costs capital structure dividend policy underinvestment D2 D23 G3 G32 G35 The arguments made in this paper are admittedly not completely new as many have been made previously by Coase (1960) , Alchian (1965) , Barzel (1977 , 1985), Demsetz...

... a tradeoff theory of fund capital structure and a theory of investor return targeting. Catch-up fee provisions in incentive contracts enable more skillful fund managers to extract higher fees while also satisfying investors’ levered return targets. Results indicate that fixed carry hurdle rate and share...