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managers manifests itself across different quantiles. These results have important implications for fund management companies …
Persistent link: https://www.econbiz.de/10013080505
managers manifests itself across different quantiles. These results have important implications for fund management companies …
Persistent link: https://www.econbiz.de/10009742524
managers manifests itself across different quantiles. These results have important implications for fund management companies …
Persistent link: https://www.econbiz.de/10009752997
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
This study establishes a multi-tier framework to evaluate how fund manager characteristics systematically affect mutual fund performance. The framework includes three tiers of performance elements: 1) comprehensive performance, 2) return and risk, and 3) timing skill and picking ability. Using...
Persistent link: https://www.econbiz.de/10013049483
The on-going debate over whether fund managers have skills and whether those skills are short-lived is still … literature in two folds. First, managers ranked highest on MPPM in the current quarter earn largest fee-adjusted fund returns in … the following quarter. Those managers hold younger, smaller, lower book-to-market, and momentum stocks. Second, taking …
Persistent link: https://www.econbiz.de/10013057175
Active fund managers are skilled and, on average, have used their skill to generate about $3.2 million per year. Large … investing more capital in funds managed by better managers. These funds earn higher aggregate fees, and a strong positive …
Persistent link: https://www.econbiz.de/10011862190
The on-going debate over whether fund managers have skills and whether those skills are short-lived is still … insights. First, fund managers in the higher ranked MPPM deciles persistently outperform lower ranked managers by posting … characteristic of the holdings indicates higher ranked fund managers would hold younger, smaller, growth, and particularly stocks …
Persistent link: https://www.econbiz.de/10013029187
Persistent link: https://www.econbiz.de/10009767842
We examine the determinants and consequences of mutual fund managers simultaneously managing multiple funds. Well …-performing managers multitask by taking over poorly performing funds or launching new funds. Subsequent to multitasking, funds run by … managers prior to multitasking (i.e., incumbent funds) experience performance deterioration while the performance of the …
Persistent link: https://www.econbiz.de/10011308595