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Horses for courses: Fund managers and organizational structures

Abstract:

We model and test the relations between the team management of mutual funds, managers’ ability, performance, and holdings. Our model predicts that team-managed funds perform better and behave more conservatively than single-manager funds. However, the effect of team-management is masked in equilibrium since high ability managers rationally self-select into single-manager funds. Consistent with the model’s prediction, we find that team-managed funds perform better and deviate less from their b...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1017/S0022109017000795

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Institution:
University of Oxford
Division:
SSD
Department:
Said Business School
Role:
Author
Publisher:
Cambridge University Press Publisher's website
Journal:
Journal of Financial and Quantitative Analysis Journal website
Volume:
52
Issue:
6
Pages:
2779-2807
Publication date:
2017-12-01
Acceptance date:
2016-04-18
DOI:
ISSN:
0022-1090
Source identifiers:
617010
Pubs id:
pubs:617010
UUID:
uuid:6e107ea7-321e-478a-a30a-064ca54ebf71
Local pid:
pubs:617010
Deposit date:
2016-04-21

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