Stock Option Watch 2/2005 Published

The sixth issue of the ZEW Stock Option Watch focusses on the payment of investment fund managers. The Centre for European Economic Research (ZEW) in Mannheim publishes the Stock Option Watch as a supplement to ZEWnews twice a year.

The first two articles written by Richard Deaves (McMaster University) and Stefan Ruenzi (University of Cologne) examine the way the payment of investment fund managers affects investment behaviour and draw conclusions for policy-makers and fund investors. Stefan Ruenzi demonstrates in particular that the payment of investment fund managers implicitly constitutes an option payment.

The third article by Boyce Watkins (Syracuse University) addresses option payment with regard to insider trading.

In the fourth article, Professor Fischer (Laval University) focusses on potential conflicts between owners and managers of cooperative banks. The article is a sequel of Fischer's contribution published in the previous issue.

Contact

Dr. Michael Schröder, Phone +49/621/1235-140, E-mail: schroeder@zew.de