The following trade quotes were observed during the trading…

The following trade quotes were observed during the trading day BID Ask   Time Price Size Price Size   10:00am $12.10 300 $12.16 400  1:00pm $12 300 $12.07 400  2:00pm $11.8 300 $11.88 400     Assume the following trades take place At 10:00 am the trader placed the order to sell 100 shares. The execution price was $12.11. At 1:00 pm the trader placed an order to sell 300 shares. The execution price was $12.00. At 2:00 pm the trader placed an order to sell 600 shares. The average execution price was $11.75The weighted average effective spread is

An investor would like to ensure that a hedge fund manager d…

An investor would like to ensure that a hedge fund manager does not receive an annual incentive fee unless the fund’s net asset value (NAV) at the end of the year exceeds the NAV at the beginning of the year. What term best describes this incentive structure provision?