We document that prior work experience of mutual fund managers outside of the asset management industry is valuable … from an investment perspective in that it provides managers with a stock picking and industry timing advantage. Fund … managers' stock picks from industries where they previously worked outperform stock picks from their non-experience industries …

fund manager duality using a broad sample of single managed US equity funds. We find that duality managers significantly … underperform non-duality managers. This underperformance results from duality funds in the bottom performance quintile. This … suggests that duality managers can avoid being laid off despite their bad performance. Consistent with this lower risk of …

We study the decisions and performance of managers who are also chair of the board (duality managers). We hypothesize … that duality managers take more risky decisions and deliver worse performance than non-duality managers due to reduced … hypotheses: Duality managers take risk that they could easily avoid, deviate from their benchmarks, make extreme decisions, and …

We study the decisions and performance of managers who are also chair of the board (duality managers). We hypothesize … that duality managers take more risky decisions and deliver worse performance than non-duality managers due to reduced … hypotheses: Duality managers take risk that they could easily avoid, deviate from their benchmarks, make extreme decisions, and …

associated with fast internal dissemination. The performance effect intensifies when information travels across managers from … sharpen information precision, but also with fewer free-riding opportunities among managers from different styles. Managers …

real business data. Our data set covers management teams and single managers of US equity mutual funds. Our results reject … the group shift theory and support the diversification of opinions theory: extreme opinions of single team managers … investment styles and their portfolios are less industry concentrated than those of single managers and that teams are eventually …