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-end, domestic-equity mutual funds during the 1985 to 2002 period. We show that experienced large-fund portfolio managers outperform … their size, book-to-market, and momentum benchmarks, but that experienced small-fund portfolio managers underperform their … boards, we find that independent directors are crucial for terminating underperforming seasoned portfolio managers, as …
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Prior SEC inquiries concerning self-dealing in securities lending programs suggest potential conflicts of interest when funds employ lending agents that are affiliated with their sponsor. We posit that the level of self-dealing is potentially greater, and mutual funds' securities lending returns...
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This paper provides evidence on the impact of fund board quality on (a) the fund flow-performance relation, (b) persistence in fund performance, and (c) a fund's potential change of strategy following a period of underperformance. We use Morningstar's board quality ratings as a proxy for the...
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