document that investors recognize this skill and reward it by investing more capital with skilled managers. Higher skilled … managers are paid more and there is a strong positive correlation between current managerial compensation and future …

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 …

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 …

Compensation of mutual fund managers is paramount to understanding agency frictions in asset delegation. We collect a … unique registry-based dataset on the compensation of Swedish mutual fund managers. We find a concave relationship between pay …

This paper examines the labor market for mutual fund managers and managers' responses to the implicit incentives … the hypothesis that fund companies are learning about managers' abilities, managerial turnover is more performance …-sensitive for younger fund managers. Interpreting the separation-performance relationship as an incentive scheme, several of our …

mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger … managers gaining an informational advantage through the education networks. Our results suggest that social networks may be an …

We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some … managers have superior information on the default probability. Looking at the past performance, investors update beliefs on … their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a …