Using a sample of domestic U.S. equity mutual funds, we find strong evidence that investors respond to managerial replacements. We find that the top performing funds that have a change in management subsequently have lower flows compared to funds of which the manager is retained. On top of that,...

The purpose of this study is to deepen our understanding of government directors' impact on firm performance. This study strives to answer whether government directors have different effects on accounting- and market-based performance. To correct for the endogeneity of government directors...