van Binsbergen, Jules H.; Han, Jungsuk; Ruan, Hongxun; … - 2021
strategies can benefit fund managers by accelerating skill revelation, while the downside risk is managed by manager exit. In the … steady state, a large number of new and unskilled managers exploit the value of this call option, driving down short …-term excess returns. A small number of experienced and skilled managers exploit scalable long-term investment opportunities …