CHEN, QI; GOLDSTEIN, ITAY; JIANG, WEI - In: Journal of Finance 63 (2008) 6, pp. 2629-2677
This paper empirically investigates directors' ownership in the mutual fund industry. Our results show that, contrary to anecdotal evidence, a significant portion of directors hold shares in the funds they oversee. Ownership patterns are broadly consistent with an optimal contracting...