Goyal, Amit; Wahal, Sunil; Yavuz, Mehmet Deniz - 2020
-existing personal connections between personnel at the plan (or consultant advising the plan), and the investment management firm. Post-hiring …We study how plan sponsors choose investment management firms from their opportunity set when delegating $1.6 trillion … in assets between 2002 and 2017. Two factors play an influential role in choice: pre-hiring returns, and pre …