We investigate the relationship between performance and portfolio management team structure of open-end mutual funds during 1997-2004. We first analyze differences in performance and risk taking between single-manager and multiple-manager mutual funds and find that the latter underperform the...

This paper investigates the effect of management team-level characteristics on portfolio risk and style extremity using a unique dataset of 1,678 mutual fund managers. Results show that teams with more members, longer tenure, and more members with graduate business training hold less risky...

Our evidence suggest that estimation error in the required statistics is an important factor inhibiting investors' ability to rely on mean/variance analysis. We compare the returns reported by mutual funds to the returns obtained from a mean/variance optimized portfolio of fund holdings. The...