This paper examines managerial replacements made by mutual fund families. Using a unique hand-collected dataset of 5,242 managerial replacement events from 1990 to 2011, this study finds fund's performance and flow ranking at the fund family level form the basis of mutual fund families'...

The outsourcing of IT services poses a conundrum to the traditional theories of the firm. While there are many prescriptive sourcing metrics that are geared towards the evaluation of tangible and measurable aspects of vendors and clients, much of the information that is traditionally important...

Using manager compensation disclosure and intra-family manager cooperation measures, we create indices of family-level competitive/cooperative incentives. Families that encourage cooperation among their managers are more likely to engage in coordinated behavior (e.g., cross-trading,...

The large-scale allocation of financial assets by enterprises indicates economic financialization at the micro-level. Scholars have extensively discussed its influencing factors, but most are based on the traditional assumption of "rational people." The annual data of listed companies in China...

We study the human-capital effects of private equity buyouts in Germany. We conduct matched-sample difference-in-differences estimations at the establishment and at the individual employee level with more than 152,000 buyout employees and a carefully matched control group. Buyouts are followed...

Management companies assign some portfolio managers to run funds within a single investment objective, specialists, and others to run funds across several investment objectives, generalists. Our results show that funds achieve higher performance when they appoint superior pickers as specialists...

Books on Graham and Dodd-based valuation tend to be predominantly introductory in nature, and essentially present different interpretations of value investing, broadly defined. This book takes a different approach; rather than introduce a new variation on the value investing theme, it adopts the...

The Market Portfolio is not an efficient portfolio. There are many evidences that tell us that: the equal weighted indexes have beaten their market-value weighted indexes for many years, many easy-to-build portfolios (some “smart-beta”, “multifactors”) have beaten market-value weighted...

In previous works, the importance of risk management implementation was addressed with regard to the problem of bankruptcy threat, with the explanation of risk impact on higher bankruptcy costs or the underinvestment problem. However, the evaluation of the impact of risk outcomes is technically...

The purpose of this study is specifying the role of behavioral finance in optimal portfolio selection. In this research accepted companies in Tehran Stock Exchange have been considered for 5 year period (from 2009 to 2013) and by examining 106 companies and using regression and analysis of...