Matching Capital and Labor
We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst its mutual fund managers. We find no evidence of a similar effect when a firm hires managers from another firm. We conclude that an important reason why firms exist is the private information that derives from the firm's ability to better assess the skill of its own employees and the use of that information to efficiently allocate capital to labor
Year of publication: |
2016
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Authors: | Berk, Jonathan |
Other Persons: | van Binsbergen, Jules H. (contributor) ; Liu, Binying (contributor) |
Publisher: |
[2016]: [S.l.] : SSRN |
Subject: | Theorie | Theory | Investmentfonds | Investment Fund | Matching | Kapital | Capital | Arbeit | Labour | Qualifikation | Occupational qualification | Führungskräfte | Managers |
Saved in:
freely available
Extent: | 1 Online-Ressource (34 p) |
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Type of publication: | Book / Working Paper |
Language: | English |
Notes: | Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments September 19, 2014 erstellt |
Other identifiers: | 10.2139/ssrn.2409915 [DOI] |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10013006616