We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers …. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently …

We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers …. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently … a model with moral hazard and adverse selection, these scarring effects can be ascribed to a drop in asset managers …

We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers …. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently … a model with moral hazard and adverse selection, these scarring effects can be ascribed to a drop in asset managers …