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 level of control and replacement risk. Using the mutual...

The pdf file includes the forthcoming book table of contents.This book was the culmination of two experiences. The first and basic experience was the some ten years teaching analysis of mutual funds to undergraduates and MBAs at the Robert H. Smith School of Business, University of Maryland....

We demonstrate that fund investors employ a heuristic benchmark model to estimate alphas and allocate capital. This can result in observational equivalence to CAPM driven investment decisions. The benchmark estimator trades off bias against precision, accommodating finite sample constraints. The...