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Partisan bias in fund portfolios
Wintoki, M. Babajide; Xi, Yaoyi - In: Journal of financial and quantitative analysis : JFQA 55 (2020) 5, pp. 1717-1754
Persistent link: https://www.econbiz.de/10012244314
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You're fired! : new evidence on portfolio manager turnover
Kostovestsky, Leonard; Warner, Jerold B. - 2011 - 1. draft: March 2011
We study managerial turnover for both internally managed mutual funds and those managed externally by subadvisors. We argue that turnover of subadvisors provides sharper tests of any underlying board and sponsor monitoring because these data are heavily weighted toward involuntary turnover. We...
Persistent link: https://www.econbiz.de/10008906029
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Measuring alpha in the fund management industry : do female managers perform better?
Babalos, Vassilios; Caporale, Guglielmo Maria; … - 2013
managers manifests itself across different quantiles. These results have important implications for fund management companies …
Persistent link: https://www.econbiz.de/10009752997
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Investors' expectations, management fees and the underperformance of mutual funds
Huesler, Andreas D.; Malevergne, Yannick; Sornette, Didier - 2012
Why do investors keep buying underperforming mutual funds? To address this issue, we develop a one-period principal-agent model with a representative investor and a fund manager in an asymmetric information framework. This model shows that the investors perception of the fund plays the key role...
Persistent link: https://www.econbiz.de/10009561613
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Information Differential and Compensation of Active Fund Managers
Ezzili, Chekib - 2012
We posit a fund manager and an individual investor who maximize the expected (log) utility of their respective terminal wealth. The manager possesses more information than the investor does and charges the latter, her would-be customer, a linear compensation fee. The investor will delegate his...
Persistent link: https://www.econbiz.de/10013102145
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Measuring Alpha in the Fund Management Industry : Do Female Managers Perform Better?
Babalos, Vassilios - 2013
managers manifests itself across different quantiles. These results have important implications for fund management companies …
Persistent link: https://www.econbiz.de/10013081591
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Do Mutual Fund Managers Have Asset Management Skills? Evidence from New Measures on Crisis Management and Directional Trading
Hoepner, Andreas G. F. - 2009
managers may add investor value by correctly predicting times of high volatility and financial crises, and adjusting their … (second) sub-period is robust to misspecification. Finally, we find that fund managers reveal positive crisis management …
Persistent link: https://www.econbiz.de/10013156484
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Low-Carbon Transition Risk in Mutual Fund Portfolios : Managerial Involvement and Performance Effects
Reboredo, Juan C. - 2020
Transitioning to a low-carbon economy to mitigate the effects of climate change involves risks. We investigate the effects of managerial ownership and management on the low-carbon transition risk of mutual fund portfolios and the effects of low-carbon transition risk on mutual fund performance...
Persistent link: https://www.econbiz.de/10012841650
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Are Fund Alphas Robust Proxies for Funds Managers' Managerial Skill?
Obrimah, Oghenovo A. - 2019
This study provides formal theoretical evidence that constructions of fund alpha that are implemented using robust specifications of asset pricing models generate alpha estimates that are well defined. Regardless, the formal theoretical model shows fund alphas that are constructed with the...
Persistent link: https://www.econbiz.de/10012897319
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In Military We Trust : The Effect of Managers' Military Background on Mutual Fund Flows
Cochardt, Alexander Elmar; Heller, Stephan; Orlov, Vitaly - 2020
This paper shows that trust-building characteristics of fund managers affect purchase decisions of mutual fund … investors. We exploit variation in fund managers' prior affiliations with the well-trusted U.S. military institution and relate … it to fund flows. Results show that funds with ex-military managers receive significantly higher flows and grow by 6.5% p …
Persistent link: https://www.econbiz.de/10012850605