Career Concerns Of Mutual Fund Managers

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Career Concerns of Mutual Fund Managers

Author : Judith A. Chevalier
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Career Concerns of Mutual Fund Managers by : Judith A. Chevalier

Download or read book Career Concerns of Mutual Fund Managers written by Judith A. Chevalier and published by . This book was released on 2008 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the labor market for mutual fund managers and managers' responses to the implicit incentives created by their career concerns. We find that managerial turnover is sensitie to a fund's recent performance. Consistent with the hypothesis that fund companies are learning about managers' abilities, managerial turnover is more performance-sensitive for younger fund managers. Interpreting the separation-performance relationship as an incentive scheme, several of our results suggest that a desire to avoid separation may induce managers at different stages of their careers to behave differently. Younger fund managers appear to be given less discretion in the management of their funds; i.e. they are more likely to lose their jobs if their fund's beta or unsystematic risk level deviates from the mean for their fund's objective group. We also show that the shape of the job separation-performance relationship may provide an incentive for young mutual fund managers to be risk averse in selecting their fund's portfolio. Consistent with these implicit labor market incentives, younger fund managers do take on lower unsystematic risk and deviate less from typical behavior than their older counterparts. Finally, additional results on the flow of investments into mutual funds suggest that rather than just being due to a screening process, firing decisions may also be influenced by a desire to stimulate inflows of investment into the fund.

Career Concerns of Mutual Fund Managers

Author : Judith A. Chevalier
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis Career Concerns of Mutual Fund Managers by : Judith A. Chevalier

Download or read book Career Concerns of Mutual Fund Managers written by Judith A. Chevalier and published by . This book was released on 1998 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the labor market for mutual fund managers and managers' responses to the implicit incentives created by their career concerns. We find that managerial turnover is sensitie to a fund's recent performance. Consistent with the hypothesis that fund companies are learning about managers' abilities, managerial turnover is more performance-sensitive for younger fund managers. Interpreting the separation-performance relationship as an incentive scheme, several of our results suggest that a desire to avoid separation may induce managers at different stages of their careers to behave differently. Younger fund managers appear to be given less discretion in the management of their funds; i.e. they are more likely to lose their jobs if their fund's beta or unsystematic risk level deviates from the mean for their fund's objective group. We also show that the shape of the job separation-performance relationship may provide an incentive for young mutual fund managers to be risk averse in selecting their fund's portfolio. Consistent with these implicit labor market incentives, younger fund managers do take on lower unsystematic risk and deviate less from typical behavior than their older counterparts. Finally, additional results on the flow of investments into mutual funds suggest that rather than just being due to a screening process, firing decisions may also be influenced by a desire to stimulate inflows of investment into the fund.

Fund Managers, Career Concerns, and Asset Price Volatility

Author : Veronica Guerrieri
Publisher : DIANE Publishing
ISBN 13 : 1437941370
Total Pages : 39 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Fund Managers, Career Concerns, and Asset Price Volatility by : Veronica Guerrieri

Download or read book Fund Managers, Career Concerns, and Asset Price Volatility written by Veronica Guerrieri and published by DIANE Publishing. This book was released on 2011 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. Proposes a general equilibrium model where investors hire fund managers (FM) to invest their capital either in a risky bond or in a riskless asset. There is a small fraction of informed FM with superior info. on the default probability. Looking at the past performance, investors update their beliefs on the info. of their FM and make hiring and firing decisions. This leads to career concerns which affect the investment decision of un-informed FM, generating a ¿reputational premium¿. When the default probability is high enough, un-informed FM prefer to invest in the riskless asset to reduce the probability of being fired. On the contrary, if the probability of default is low enough, investing in the risky bonds has a reputational advantage and the premium is negative.

Experiences of Mutual Fund Managers

Author : Jonas Klinkert
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (14 download)

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Book Synopsis Experiences of Mutual Fund Managers by : Jonas Klinkert

Download or read book Experiences of Mutual Fund Managers written by Jonas Klinkert and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis examines the impact of different experiences of mutual fund managers on fund risk and return characteristics. After controlling for time, fund and manager fixed effects, two major manager experience effects are identified. First, a higher manager career length, or alternatively a higher number of experienced recessions, leads to decreasing fund returns, skill and performance, joined by increased risk. Career concerns of mutual fund managers and incentive-based theories can provide an explanation hereon. Secondly, managers are sustainably affected from starting their career during a recession or bear market period. Funds managed by such recession managers exhibit significantly lower risk in form of volatility, value at risk and market as well as downside beta measures. This is in line with the previously identified impact of macroeconomic experiences on risk-taking by individuals and CEOs. Again, incentive-based theories and career concerns can provide a possible explanation.

Fund Managers, Career Concerns, and Asset Price Volatility

Author : Veronica Guerrieri
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (12 download)

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Book Synopsis Fund Managers, Career Concerns, and Asset Price Volatility by : Veronica Guerrieri

Download or read book Fund Managers, Career Concerns, and Asset Price Volatility written by Veronica Guerrieri and published by . This book was released on 2009 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We propose a model where investors hire fund managers to invest either in risky bonds or in riskless assets. Some managers have superior information on the default probability. Looking at the past performance, investors update beliefs on their managers and make firing decisions. This leads to career concerns which affect investment decisions, generating a positive or negative "reputational premium". For example, when the default probability is high, uninformed managers prefer to invest in riskless assets to reduce the probability of being fired. As the economic and financial conditions change, the reputational premium amplifies the reaction of prices and capital flows.

Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking

Author : Ping Hu
Publisher :
ISBN 13 :
Total Pages : 63 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking by : Ping Hu

Download or read book Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking written by Ping Hu and published by . This book was released on 2010 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a unified model of the interactions among investors, fund companies (represented by fund advisors) and fund managers. We show that the interplay between a manager's incentives from her compensation structure and career concerns leads to a non-monotonic (approximately U-shaped) relation between her risk choices and prior performance relative to her peers. Significantly out-performing (under-performing) managers are less (more) likely to be fired in the future, and are also more likely to increase relative risk. Ceteris paribus, relative risk declines with the level of employment risk faced by a manager. Using a large sample of mutual fund managers, we offer support for the hypothesized U-shaped relation between relative risk and prior performance, and provide evidence in support for the importance of employment risk in driving risk-shifting by fund managers. We also find that younger managers who face greater employment risk choose lower relative risk. We present evidence consistent with other hypotheses implied by our theory that link determinants of the fund flow-performance relation and managers' employment risk to their risk-taking behavior. Funds with higher expense ratios have less convex fund flow-performance relations and less convex U-shaped relations between relative risk and prior performance. Funds with younger managers, who face greater employment risk, have more convex U-shaped relative risk-prior performance relations.

Career as an Investment Fund Manager: Financial Analyst, Hedge Fund Manager

Author : Institute for Career Research
Publisher : Independently Published
ISBN 13 : 9781795270519
Total Pages : 36 pages
Book Rating : 4.2/5 (75 download)

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Book Synopsis Career as an Investment Fund Manager: Financial Analyst, Hedge Fund Manager by : Institute for Career Research

Download or read book Career as an Investment Fund Manager: Financial Analyst, Hedge Fund Manager written by Institute for Career Research and published by Independently Published. This book was released on 2019-01-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: THE CAREER YOU CHOOSE NOW WILL have a big effect on the rest of your life, determining things like where you will live, who you will spend your time with and, obviously, how much money you will make. This is a very important decision and deserves to be taken seriously. The fact that you are taking the time to read this report says you are probably on the right track.Making money is an important part of any career. Even if money is not your primary motivation, it is important because it will allow you to do the things you want to do, whether it is something optional like take a nice vacation or something dutiful like pay the rent or send a child to college. Helping other people to make money is a great way to make your own. Investment fund managers create the products that regular people invest their money in to make more money. Their work is central to the life-planning process of millions of people. Investment fund managers help people to save for retirement, to buy homes, send their kids to college and achieve financial freedom. Without them, most people would simply stash their money in a bank and earn a tiny rate of interest. Investment fund managers help people to put their money to work.Demand for investment fund managers is always healthy, although in recent years computers have started to do more of the work once assigned to humans. Most investors, however, want to know that a real person is at the helm of their investment vehicles, making trained professionals more important than ever. Investment fund managers are the brains behind a variety of investments, including mutual funds, exchange-traded funds, hedge funds and private equity funds. For the most part, investment fund managers work behind the scenes and rarely meet the people who buy their products. Portfolio managers do the same work, but usually for private clients. The best fund managers achieve actual star power in the investment world and their reputations help to sell their products.

An Equilibrium Model of Career Concerns, Investment Horizons, and Mutual Fund Value Added

Author : Jules H. van Binsbergen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis An Equilibrium Model of Career Concerns, Investment Horizons, and Mutual Fund Value Added by : Jules H. van Binsbergen

Download or read book An Equilibrium Model of Career Concerns, Investment Horizons, and Mutual Fund Value Added written by Jules H. van Binsbergen and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Performance Isn't Everything

Author : Brad M. Barber
Publisher :
ISBN 13 :
Total Pages : 79 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Performance Isn't Everything by : Brad M. Barber

Download or read book Performance Isn't Everything written by Brad M. Barber and published by . This book was released on 2018 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the determinants of mutual fund manager career outcomes. We find that, although career outcomes are largely determined by past performance, measured by returns and fund flows, personal attributes also factor in. All else equal, female managers are less likely to be promoted and have shorter tenures than male fund managers. This finding applies to a greater extent to women who co-manage funds with other managers, which suggests that working in teams negatively affects women's careers when compared to men's. Moreover, we show that, all else equal, younger managers, U.S.-educated managers, and managers who attended elite schools experience better career outcomes than otherwise similar managers.

The Effect of Fund Flows in the Stock-picking Ability of Fund Managers

Author : Nadja Müller
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (112 download)

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Book Synopsis The Effect of Fund Flows in the Stock-picking Ability of Fund Managers by : Nadja Müller

Download or read book The Effect of Fund Flows in the Stock-picking Ability of Fund Managers written by Nadja Müller and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I infer on the effects of lagged fund flows on two complementary measures of active management: Active Share and Tracking Error. My analysis spans over the past decade (2009-2018) bringing recent evidence to the literature. I find evidence that solo managers of large-cap mutual funds, focused on US equity, respond to strong lagged fund outflows and inflows by increasing the proportion of assets actively managed and risk taking in their portfolio. These effects differ in intensities: The effects of lagged fund flows on Active Share are weak in the outflow sample and moderate in the inflow sample, while the effects of lagged fund flows on Tracking Error are moderate in the inflow sample and strong in the outflow sample. Furthermore, these results do not hold for small funds, which suggests the presence of liquidity constraints. These results also support the existence of career concerns and overconfidence of mutual fund managers.

The Complete Guide to Managing a Portfolio of Mutual Funds

Author : Ronald K. Rutherford
Publisher : McGraw Hill Professional
ISBN 13 : 9780786311385
Total Pages : 280 pages
Book Rating : 4.3/5 (113 download)

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Book Synopsis The Complete Guide to Managing a Portfolio of Mutual Funds by : Ronald K. Rutherford

Download or read book The Complete Guide to Managing a Portfolio of Mutual Funds written by Ronald K. Rutherford and published by McGraw Hill Professional. This book was released on 1997 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a veteran financial planner, this guide uniquely covers the statistical and non-statistical issues involved in selecting and managing a balanced portfolio of mutual funds. It explains investment policy development techniques, explores all asset classes of mutual funds, and covers the critical issues of style analyses, data interpretation, and style management.

Fund Managers, Career Concerns, and Asset Price Volatility

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (124 download)

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Book Synopsis Fund Managers, Career Concerns, and Asset Price Volatility by :

Download or read book Fund Managers, Career Concerns, and Asset Price Volatility written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Asset Pricing Under Asymmetric Information

Author : Markus Konrad Brunnermeier
Publisher : Oxford University Press, USA
ISBN 13 : 9780198296980
Total Pages : 264 pages
Book Rating : 4.2/5 (969 download)

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Book Synopsis Asset Pricing Under Asymmetric Information by : Markus Konrad Brunnermeier

Download or read book Asset Pricing Under Asymmetric Information written by Markus Konrad Brunnermeier and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.

Mutual Fund Managerial Working Experience, Career Concern, New Fund Opening and Fund Performance

Author : Yi Gu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (17 download)

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Book Synopsis Mutual Fund Managerial Working Experience, Career Concern, New Fund Opening and Fund Performance by : Yi Gu

Download or read book Mutual Fund Managerial Working Experience, Career Concern, New Fund Opening and Fund Performance written by Yi Gu and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Mutual Funds in India

Author : Rakesh Kumar
Publisher : Partridge Publishing
ISBN 13 : 148287508X
Total Pages : 178 pages
Book Rating : 4.4/5 (828 download)

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Book Synopsis Mutual Funds in India by : Rakesh Kumar

Download or read book Mutual Funds in India written by Rakesh Kumar and published by Partridge Publishing. This book was released on 2016-07-07 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: The services of the asset management companies are getting important for the investors, for assessing markets and investing funds are beyond the capacity of most individuals. Hence, the role of mutual fund firms in India has increased enormously in response to liberal policy regime in the recent decades. This book is an endeavour to study the various facets of the mutual fund industry to understand the complexities therein. The structure, organisation, and competition in the mutual fund industry in India have been discussed in depth. Performance of mutual fund schemes by using conditional and unconditional models has been evaluated, and investors may derive enough inkling towards their future investment plans. After going through this book, the reader is expected to develop confidence while dealing with the instruments of mutual funds.

Theories of Choice

Author : Stefan Grundmann
Publisher : Oxford University Press
ISBN 13 : 0192608274
Total Pages : 353 pages
Book Rating : 4.1/5 (926 download)

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Book Synopsis Theories of Choice by : Stefan Grundmann

Download or read book Theories of Choice written by Stefan Grundmann and published by Oxford University Press. This book was released on 2021-01-14 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice is a key concept of our time. It is a foundational mechanism for every legal order in societies that are, politically, constituted as democracies and, economically, built on the market mechanism. Thus, choice can be understood as an atomic structure that grounds core societal processes. In recent years, however, the debate over the right way to theorize choice - for example, as a rational or a behavioral type of decision making - has intensified. This collection provides an in-depth discussion of the promises and perils of specific types of theories of choice. It shows how the selection of a specific theory of choice can make a difference for concrete legal questions, in particular in the regulation of the digital economy or in choosing between market, firm, or network. In its first part, the volume provides an accessible overview of the current debates about rational versus behavioral approaches to theories of choice. The remainder of the book structures the vast landscape of theories of choice along with three main types: individual, collective, and organizational decision making. As theories of choice proliferate and become ever more sophisticated, however, the process of choosing an adequate theory of choice becomes increasingly intricate. This volume addresses this selection problem for the various legal arenas in which individual, organizational, and collective decisions matter. By drawing on economic, technological, political, and legal points of view, the volume shows which theories of choice are at the disposal of the legally relevant decision-maker, and how they can be operationalized for the solution of concrete legal problems. The editors acknowledge the kind support of the Fritz Thyssen Foundation for an exploratory conference on the subject of the book.

Mutual Funds

Author : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher :
ISBN 13 :
Total Pages : 366 pages
Book Rating : 4.0/5 (13 download)

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Book Synopsis Mutual Funds by : United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises

Download or read book Mutual Funds written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2003 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: