Matching Capital and Labor

• 成果类型: Article
• 署名作者: Berk, Jonathan B.; van Binsbergen, Jules H.; Liu, Binying
• 署名单位: Stanford University; National Bureau of Economic Research; University of Pennsylvania; Hong Kong University of Science & Technology
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12542
• 发表日期: 2017
• 页码: 2467-2504
• 关键词: MUTUAL-FUND FAMILIES; performance; firm; management; MARKETS; ORGANIZATION; allocation; INDIA

摘要

We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. The firm's decision to reallocate capital among its mutual fund managers adds at least $474,000 a month, which amounts to over 30% of the total value added of the industry. We provide evidence that this additional value added results from the firm's private information about the skill of its managers. The firm captures this value because investors reward the firm following a capital reallocation decision by allocating additional capital to the firm's funds.