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Board Structure, Mergers and Shareholder Wealth: A Study of the Mutual Fund Industry

Abstract:

We study mutual fund mergers between 1999 and 2001 to understand the role and effectiveness of fund boards. Some fund mergers—typically across-family mergers—benefit target shareholders but are costly to target fund directors. Such mergers are more likely when funds underperform and their boards have a larger percentage of independent trustees, suggesting that more-independent boards tolerate less underperformance before initiating across-family mergers. This effect is most pronounced when al...

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Authors


Peter Tufano More by this author
Ajay Khorana More by this author
Publication date:
2007-08-05
URN:
uuid:eb222ec7-2170-437c-bee5-5245d9d27209
Local pid:
oai:eureka.sbs.ox.ac.uk:908

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