managers prior to multitasking (i.e., incumbent funds) experience performance deterioration while the performance of the …

prior to multitasking (i.e., incumbent funds) experience significant performance deterioration subsequent to multitasking … while the performance of the acquired funds improves. Although there is no change in the investor flows into the incumbent …

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 … investment styles which lead to more extreme performance outcomes. Only about one fifth of the nonduality managers invest as …

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 …, consequently, deliver extreme performance outcomes. Furthermore, their average underperformance is 2.5 percent. All effects are the …