We study whether fund families efficiently allocate their fund managers to different market segments. Whether a fund … employed. We show that in the more efficient investment grade bond fund market segment, fund managers cannot translate higher … skill into higher fund alpha. In contrast, skilled managers can generate higher alpha in the less efficient high yield bond …

We show that fund families allocate their fund managers to different market segments such that their skill is rewarded … she works. Even skilled managers can generate alpha only if the market segment is inefficient. Fund families take this … relation between skill and inefficiency into account and allocate their best managers to the least efficient market segment …

To optimally utilize their labor, fund families need to match their portfolio managers' skills with the job … requirements of different funds. Fund families make it possible for their managers to try out different funds in a learning …-by-trying fashion until they find their best match. After they have reached their best match, managers operate at higher productivity …

unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its … consequences. After fund managers are matched, they improve their risk-adjusted performance significantly. Fund companies use this … information to maximize company value by reallocating existing and directing new capital to their matched managers and by …

unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its … consequences. After fund managers are matched, they operate at a higher level of productivity and deliver higher performance. Fund … managers, collecting higher fees from their funds, and spreading the expertise of their matched managers to other managers in …

fund manager duality using a broad sample of single managed US equity funds. We find that duality managers significantly … underperform non-duality managers. This underperformance results from duality funds in the bottom performance quintile. This … suggests that duality managers can avoid being laid off despite their bad performance. Consistent with this lower risk of …

empirical investigation of the risk taking behavior of mutual fund managers indicates that managerial risk taking crucially …, fund managers with a poor midyear performance tend to decrease risk relative to leading managers to prevent potential job … loss. When employment risk is low, compensation incentives become more relevant and fund managers with a poor midyear …