Top management turnover - An empirical investigation of mutual fund managers

• 成果类型: Article
• 署名作者: Khorana, A
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(95)00852-6
• 发表日期: 1996
• 页码: 403-427
• 关键词: Management turnover; Mutual funds; control mechanisms; Governance structure

摘要

This paper examines the relation between the replacement of mutual fund managers and their prior performance. Using the growth rate in a fund's asset base and its portfolio returns as two separate measures of performance, I document an inverse relation between the probability of managerial replacement and fund performance. The sample of departing fund managers exhibits higher portfolio turnover rates and higher expenses relative to an objective-matched sample of nonreplaced fund managers. The overall evidence is consistent with the presence of well-functioning internal and external market mechanisms for mutual fund managers.