The level of diseconomies of scale in asset management has important implications for tests of manager skill and the …

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 …

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 …

's prospects. Overall, uncertainty about management quality appears to be an important source of stock return volatility …

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 …

advanced management practices. Many of these practices - including monitoring, goal setting, and the use of incentives - are … unique data set that combines detailed survey data on the management practices of German manufacturing firms with … longitudinal earnings records for their employees to study the relationship between productivity, management, worker ability, and …