@article {Elton:April 2003:0022-1082:779,
	author = "Elton E.J.",
	author = "Gruber M.J.",
	author = "Blake C.R.",
	title = "Incentive Fees and Mutual Funds",
	journal = "The Journal of Finance",
	volume = "58",
	year = "April 2003",
	abstract = "This paper examines the effect of incentive fees on the behavior of mutual fund managers. Funds with incentive fees exhibit positive stock selection ability, but a beta less than one results in funds not earning positive fees. From an investor's perspective, positive alphas plus lower expense ratios make incentive-fee funds attractive. However, incentive-fee funds take on more risk than non-incentive-fee funds, and they increase risk after a period of poor performance. Incentive fees are useful marketing tools, since more new cash flows go into incentive-fee funds than into non-incentive-fee funds, ceteris paribus.",
	pages = "779-804(26)",
	url = "http://www.ingentaconnect.com/content/bpl/jofi/2003/00000058/00000002/art00013"
	doi = "doi:10.1111/1540-6261.00545"
}