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 …

We examine whether hot hands exist among hedge fund managers. In measuring performance persistence, we use hedge fund … style benchmarks. This allows us to identify managers with valuable skills, and also to control for option-like features …

productivity slowdown in the 1970s and resurgence in the 1990s. Lucas (1978) suggests that the quality of managers plays a … that the entry of the baby boom resulted in more managers being hired from the smaller, pre baby boom cohorts. These … marginal managers were necessarily of lower quality. As the boomers aged and gained experience, this effect was reversed …

attributable to the human capital of the highest-paid workers, a group we interpret as representing the managers of the firm. And a …

Enterprises (SOEs) in India. The program gave managers (the board of directors) of profitable SOEs more autonomy over strategic … that a manager subsequently joins a board of a private firm is greater for managers of those SOEs which were granted … may occur partly through managers' career concerns …

, and market opportunities. This know-how can be reallocated across countries as managers acquire control of factors of …