Mutual fund managers can outperform the market by picking stocks or timing the market successfully. Previous work has … picking skills and little evidence of timing skills among successful managers. This paper estimates skill separately in booms … and recessions and finds that the extent to which managers focus on stock picking or market timing fluctuates with the …

managers. We question this view within its own analytical framework by studying, in a principal-agent model, the effects of … diversion overlooks a significant cost of such behavior. Many common modes of compensation can provide managers with incentives …

respect to takeovers, states have incentives to produce rules that excessively protect incumbent managers. The development of … policy basis, and, more importantly, they have provided managers with a wider and more open-ended latitude to engage in …

The question of whether and how mutual fund managers provide valuable services for their clients motivates one of the … evidence that some investment managers have skill and that attention is allocated rationally …