The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Career Concerns of Mutual Fund Managers
Abstract
We examine the labor market for mutual fund managers. Using data from 1992–1994, we find that “termination” is more performance-sensitive for younger managers. We identify possible implicit incentives created by the termination-performance relationship. The shape of the termination-performance relationship may give younger managers an incentive to avoid unsystematic risk. Direct effects of portfolio composition may also give younger managers an incentive to “herd” into popular sectors. Consistent with these incentives, we find that younger managers hold less unsystematic risk and have more conventional portfolios. Promotion incentives and market responses to managerial turnover are also studied.
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Citations
Cites
On Persistence in Mutual Fund Performance
Carhart, M. M. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb03808.x · Cited by 17,283
Cited by
Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization
Chen, J., Hong, H., Huang, M., & Kubik, J. D. (2004) · American Economic Review · doi:10.1257/0002828043052277 · Cited by 1,430
Scale and skill in active management
Pástor, Ľ., Stambaugh, R. F., & Taylor, L. A. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2014.11.008 · Cited by 547
Careers and Survival: Competition and Risk in the Hedge Fund and CTA Industry
Brown, S. J., Goetzmann, W. N., & Park, J. (2001) · The Journal of Finance · doi:10.1111/0022-1082.00392 · Cited by 474
Mutual Fund's R 2 as Predictor of Performance
Amihud, Y., & Goyenko, R. (2012) · The Review of Financial Studies · doi:10.1093/rfs/hhs182 · Cited by 470
Morris, S. (2001) · Journal of Political Economy · doi:10.1086/319554 · Cited by 420
Metadata
- Authors
- Chevalier, J., & Ellison, G.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1999-05-01
- Volume
- 114
- Issue
- 2
- Pages
- 389-432
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W4239453719
- Cited by
- 848
- References
- 1
- FWCI
- 34.86
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
