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Fund manager duality : impact on performance and investment behavior

Kempf, Alexander; Pütz, Alexander; Sonnenburg, Florian - 2012

Agency conflicts can arise when a fund manager also chairs the board of the fund. We examine the consequences of this 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...

Persistent link: https://www.econbiz.de/10009579421

Dissecting short-sale performance : evidence from large position disclosures

Jank, Stephan; Smajlbegovic, Esad - 2015

Short sellers are perceived as informed, sophisticated investors. Yet little is known about their actual performance and trading strategies. Using a novel, hand-collected data set of daily position disclosures in Europe, we identify the entry, change, and exit dates of large short-sale positions...

Persistent link: https://www.econbiz.de/10011392610

Managerial ownership changes and mutual fund performance

Martin, Thorsten; Sonnenburg, Florian - 2015 - This draft: August 2015

increase their ownership by fund family policy show the strongest increase in alpha. They do so by increasing their trading …

Persistent link: https://www.econbiz.de/10011526141

The performance of European equity mutual funds

Banegas, Ayelen; Gillen, Ben; Timmermann, Allan; … - 2009

Despite the significant growth in the European fund industry in recent years, the performance of European equity mutual funds is a largely unexplored area of research. This paper shows that macroeconomic state variables can be used to identify a significant time-varying alpha component among a...

Persistent link: https://www.econbiz.de/10003857793

Milk or wine : mutual funds' (dis)economies of life

Dahm, Laura K.; Sorhage, Christoph - 2015 - First Draft: July 2015

Mutual fund investors are supposed to make long-term investments instead of striving for quick fortunes. However, the dynamics of funds' ability to generate abnormal returns over their lifetime is still an unattended issue. This paper provides evidence on the liability of newness and liability...

Persistent link: https://www.econbiz.de/10011300267

The investment abilities of mutual fund buy-side analysts

Cici, Gjergji; Rosenfeld, Claire - 2012

-specific investment abilities than traditional managers from within and outside the fund family. Using holdings of analystrun funds as a … family to a lesser extent than less-skilled managers. We find that analysts' abilities matter in that they are positively … related to the future performance of other funds within the same family. -- Mutual Funds ; Buy-Side Analysts ; Performance …

Persistent link: https://www.econbiz.de/10009625486

The impact of duality on managerial decisions and performance : evidence from the mutual fund industry

Kempf, Alexander; Pütz, Alexander; Sonnenburg, Florian - 2013 - This version: October 2013

We study the decisions and performance of managers who are also chair of the board (duality managers). We hypothesize that duality managers take more risky decisions and deliver worse performance than non-duality managers due to reduced level of control and replacement risk. Using the mutual...

Persistent link: https://www.econbiz.de/10010194852

Market power in the portfolio : product market competition and mutual fund performance

Jaspersen, Stefan - 2016 - This draft: September 2016

I provide evidence that fund managers who overweight firms with the most differentiated products ('monopolies') exhibit a superior risk-adjusted performance. This is consistent with information advantages due to a better understanding of qualitative information on a firm's competitive...

Persistent link: https://www.econbiz.de/10011539240

Knowing me, knowing you? : similarity to the CEO and fund manager's investment decisions

Jaspersen, Stefan; Limbach, Peter - 2017 - This draft: June 2017

We study whether investors' demographic similarity to CEOs affects their investment decisions. Mutual fund managers are found to overweight firms led by CEOs who resemble them in terms of age, ethnicity and gender. This finding is robust to excluding educational and local ties and is supported...

Persistent link: https://www.econbiz.de/10011664181