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How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach
Reuter, Jonathan - 2010
The level of diseconomies of scale in asset management has important implications for tests of manager skill and the expected level of performance persistence. To identify the causal impact of fund size on future returns, we exploit the fact that small differences in returns can cause discrete...
Persistent link: https://www.econbiz.de/10012462327
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Indirect Incentives of Hedge Fund Managers
Lim, Jongha - 2013
managers. Flows respond quickly and strongly to performance; lagged performance has a monotonically decreasing impact on flows … times as large as direct incentives from incentive fees and returns to managers' own investment in the fund. For new funds … generated for their investors in a given year, managers receive close to another dollar in direct performance fees plus the …
Persistent link: https://www.econbiz.de/10012459758
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Changes in Managerial Pay Structures 1986-1992 and Rising Returns to Skill
O'Shaughnessy, K.C. - 2000
We examine the relationship between wages and skill requirements in a sample of over 50,000 managers in 39 companies …
Persistent link: https://www.econbiz.de/10012471020
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The Economic Value of Higher Teacher Quality
Hanushek, Eric A. - 2010
Most analyses of teacher quality end without any assessment of the economic value of altered teacher quality. This paper combines information about teacher effectiveness with the economic impact of higher achievement. It begins with an overview of what is known about the relationship between...
Persistent link: https://www.econbiz.de/10012462051
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The dark side of outside directors : Do they quit when they are most needed?
Fahlenbrach, Rüdiger - 2010
Outside directors have incentives to resign to protect their reputation or to avoid an increase in their workload when they anticipate that the firm on whose board they sit will perform poorly or disclose adverse news. We call these incentives the dark side of outside directors. We find strong...
Persistent link: https://www.econbiz.de/10012462735
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Which CEO Characteristics and Abilities Matter?
Kaplan, Steven N. - 2008
We study the characteristics and abilities of CEO candidates for companies involved in buyout (LBO) and venture capital (VC) transactions and relate them to hiring decisions, investment decisions, and company performance. Candidates are assessed on more than thirty individual abilities. The...
Persistent link: https://www.econbiz.de/10012464452
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Managerial Skill Acquisition and the Theory of Economic Development
Beaudry, Paul - 2005
possibilities are internalized in the market, and where managers are complementary inputs to non-managerial workers. The paper … illustrates why some countries may adopt modern technologies while others stay backwards. The paper also explains why managers may …
Persistent link: https://www.econbiz.de/10012467228
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Co-Worker Complemetarity and the Stability of Top Management Teams
Hayes, Rachel M. - 2004
We investigate the hypothesis that complementarities across co-workers (which may arise from matching or investments in specific skills) affect the value of employment relationships between senior executives and firms. We analyze the changes in the composition of top management teams when a key...
Persistent link: https://www.econbiz.de/10012468343
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Measuring Institutional Investors’ Skill from Their Investments in Private Equity
Cavagnaro, Daniel R. - 2016
Using a large sample of institutional investors' private equity investments in venture and buyout funds, we estimate the extent to which investors' skill affects returns from private equity investments. We first consider whether investors have differential skill by comparing the distribution of...
Persistent link: https://www.econbiz.de/10012456132
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Matching Capital and Labor
Berk, Jonathan B. - 2014
30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst … its mutual fund managers. We find no evidence of a similar effect when a firm hires managers from another firm. We …
Persistent link: https://www.econbiz.de/10012458526