Fang, Jieyan, Kempf, Alexander and Trapp, Monika (2014). Fund Manager Allocation. J. Financ. Econ., 111 (3). S. 661 - 675. LAUSANNE: ELSEVIER SCIENCE SA. ISSN 0304-405X
Full text not available from this repository.Abstract
We show that fund families allocate their most skilled managers to market segments in which manager skill is rewarded best. In efficient markets, even skilled managers cannot generate excess returns. In less efficient markets, skilled managers can exploit inefficiencies and generate higher performance than unskilled managers. Fund families seem to be aware of the relation between skill, efficiency, and performance, and allocate more skilled managers to inefficient markets. They pursue this strategy when hiring new fund managers and when reassigning managers to funds within the family. Overall, we conclude that fund families allocate fund managers in an efficient way. (C) 2013 Elsevier B.V. All rights reserved.
Item Type: | Journal Article | ||||||||||||||||
Creators: |
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URN: | urn:nbn:de:hbz:38-445061 | ||||||||||||||||
DOI: | 10.1016/j.jfineco.2013.11.003 | ||||||||||||||||
Journal or Publication Title: | J. Financ. Econ. | ||||||||||||||||
Volume: | 111 | ||||||||||||||||
Number: | 3 | ||||||||||||||||
Page Range: | S. 661 - 675 | ||||||||||||||||
Date: | 2014 | ||||||||||||||||
Publisher: | ELSEVIER SCIENCE SA | ||||||||||||||||
Place of Publication: | LAUSANNE | ||||||||||||||||
ISSN: | 0304-405X | ||||||||||||||||
Language: | English | ||||||||||||||||
Faculty: | Unspecified | ||||||||||||||||
Divisions: | Unspecified | ||||||||||||||||
Subjects: | no entry | ||||||||||||||||
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URI: | http://kups.ub.uni-koeln.de/id/eprint/44506 |
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