Universität zu Köln

Cici, Gjergji, Kempf, Alexander and Peitzmeier, Claudia (2022). Knowledge spillovers in the mutual fund industry through labor mobility. J. Bank Financ., 134. AMSTERDAM: ELSEVIER. ISSN 1872-6372

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Abstract

Firms' competitive advantages are unsustainable when competitors hire their employees away to study and recreate those advantages. We document inter-firm knowledge spillovers through labor mobility in the mutual fund industry, which result in performance improvement at the recipient family. This effect intensifies when frictions hampering knowledge absorption at the recipient family are weaker and switching managers had better access to the organization processes at the originating family. Performance deterioration at the originating family, which intensifies when more money chases the newly-transferred knowledge, suggests erosion of its competitive advantage and wealth transfers across investors in the respective families. (c) 2021 Elsevier B.V. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Cici, Gjergji UNSPECIFIED UNSPECIFIED UNSPECIFIED Kempf, Alexander UNSPECIFIED UNSPECIFIED UNSPECIFIED Peitzmeier, Claudia UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-574467
DOI:	10.1016/j.jbankfin.2021.106310
Journal or Publication Title:	J. Bank Financ.
Volume:	134
Date:	2022
Publisher:	ELSEVIER
Place of Publication:	AMSTERDAM
ISSN:	1872-6372
Language:	English
Faculty:	Unspecified
Divisions:	Unspecified
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language PRODUCTIVITY SPILLOVERS; FIRMS; PERFORMANCE; COMPETITION; INCENTIVES; COSTS; RISK Multiple languages Business, Finance; Economics Multiple languages
URI:	http://kups.ub.uni-koeln.de/id/eprint/57446