We show that fund families allocate their fund managers to different market segments such that their skill is rewarded … she works. Even skilled managers can generate alpha only if the market segment is inefficient. Fund families take this … relation between skill and inefficiency into account and allocate their best managers to the least efficient market segment …

-Equity-Kapital Transaktionen tätigen, die eine niedrigere Rendite aufweisen. Diese Erkenntnis entspricht der Preisdruck-Theorie, die einen …