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 …

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 …

While it is by now well known that the privatization of township- and village-run enterprises (TVREs) has been rapidly … and widely taking place in China, it is much less known whether and to what extent privatization has improved resource … allocation and productivity. As a first step toward the fuller understanding of the effect of privatization, this study …

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 …

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 …