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Managerial Replacements In Mutual Fund Families
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Book Synopsis Managerial Replacements in Mutual Fund Families by : Jerry T. Parwada
Download or read book Managerial Replacements in Mutual Fund Families written by Jerry T. Parwada and published by . This book was released on 2015 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines managerial replacements made by mutual fund families. Using a unique hand-collected dataset of 5,242 managerial replacement events from 1990 to 2011, this study finds fund's performance and flow ranking at the fund family level form the basis of mutual fund families' disciplinary decisions. Specifically, mutual fund families are more likely to replace fund managers ranked at the bottom of fund families in terms of performance and flows. While this study does not observe any spillover effect of replacing bottom performing managers, the replacement of top performing managers generates negative spillover (both performance and flows) effects on other funds in the family. In further tests, this study finds managerial replacements to be more prevalent in larger fund families and families with high turnover ratios. Finally, the replacement of bottom performing managers explain future families' performance and money flows, suggesting that there is economic value attached to the monitoring activities of mutual fund families.
Book Synopsis Study of the Relationship Between Mutual Fund Managerial Replacement and Active Management by : 伏家宜
Download or read book Study of the Relationship Between Mutual Fund Managerial Replacement and Active Management written by 伏家宜 and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulation of Money Managers by : Tamar Frankel
Download or read book Regulation of Money Managers written by Tamar Frankel and published by Wolters Kluwer. This book was released on 2015-09-16 with total page 4826 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Regulation of Money Managers (with the original subtitle: The Investment Company Act and The Investment Advisers Act) was published in 1978 and 1980. The Second Edition, subtitled Mutual Funds and Advisers, was published in 2001 and has been annually updated since then. It is a comprehensive and exhaustive treatise on investment management regulation. The treatise covers federal and state statutes, their legislative history, common law, judicial decisions, rules and regulations of the Securities and Exchange Commission, staff reports, and other publications dealing with investment advisers and investment companies. The treatise touches on other financial institutions such as banks, insurance companies, and pension funds. The work also discusses the economic, business, and theoretical aspects of the investment management industry and their effects on the law and on policy. The treatise contains detailed analysis of the history and development of the Investment Company Act and the Investment Advisers Act. It examines the definitions in the Acts, including the concept of ‘‘investment adviser,’’ ‘‘affiliates,’’ and ‘‘interested persons.’’ It outlines the duties of investment company directors, the independent directors, and other fiduciaries of investment companies. The treatise deals with the SEC’s enforcement powers and private parties’ rights of action.
Book Synopsis Governance in the U.S. Mutual Fund Industry by : Lei Xuan
Download or read book Governance in the U.S. Mutual Fund Industry written by Lei Xuan and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The first essay examines how board structure affects manager dismissal decisions in mutual funds. We first find some evidence suggesting that the likelihood of managerial replacement is higher when fund boards are more independent and receive lower levels of compensation. Manager turnover is more likely when funds underperform the objective average. We then investigate the manager turnover decision conditional on the funds experiencing a merger. We find that funds with more independent boards are more likely to employ target managers with a track record of superior performance. Overall, these results suggest that more independent boards make manager retention/replacement decisions in the interests of their shareholders. The second essay studies the relationship between managerial ownership and mutual fund performance. We first document that almost half of the mutual fund managers own shares in their funds, though the absolute amount of investment is modest. Fund future performance is positively related to the level of manager ownership. Manager ownership is higher in equity funds than bond funds, in funds with better past performance, smaller sizes, and where managers have been in charge for a longer time period. When we decompose manager ownership into predicted and residual parts, we find that both components are significant in explaining fund future performance. Our findings suggest that managerial ownership has desirable incentive attributes for mutual fund investors. The third essay investigates how managerial ownership affects the investment behavior of portfolio managers. We first examine the disposition effect exhibited by different fund managers, and find that those with positive ownership show significantly less disposition effect. Specifically, they sell losers faster and hold on to winner stocks for a longer period. Disposition effect is less pronounced in bigger funds, funds with smaller boards, and funds with higher percentage of board independence. We then test the relation between managerial ownership and the tournament behavior, investigating how the degree of managers manipulation of fund volatilities in the latter part of a year is related to their personal stakes in the funds. However, we do not find evidence suggesting the existence of such a relationship.
Book Synopsis The Efficiency of Mutual Fund Families by : Carlos Sánchez González
Download or read book The Efficiency of Mutual Fund Families written by Carlos Sánchez González and published by Emerald Group Publishing. This book was released on 2018-04-13 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sánchez González develops an innovative model that considers different management stages of mutual fund companies, overcoming the traditional dispute between the different approaches used in banking and insurance research.
Book Synopsis Mutual Fund Performance and Performance Persistence by : Peter Lückoff
Download or read book Mutual Fund Performance and Performance Persistence written by Peter Lückoff and published by Springer Science & Business Media. This book was released on 2011-01-22 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peter Lückoff investigates why fund flows and manager changes act as equilibrium mechanisms and drive the performance of both previously outperforming and previously underperforming funds back to average levels.
Book Synopsis Morningstar Guide to Mutual Funds by : Christine Benz
Download or read book Morningstar Guide to Mutual Funds written by Christine Benz and published by Wiley + ORM. This book was released on 2011-03-10 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: GUIDE TO MUTUAL FUNDS SECOND EDITION "Picking actively managed mutual funds is no mean challenge. And as the recent era underscores, past performance is of little help. The Morningstar Guide to Mutual Funds helps cut through the fog with a solid volume of constructive information. The central message--'truly diversify, keep it simple, focus on costs, and stick with it'--is not only timeless, it is priceless." --John C. Bogle, founder and former CEO, The Vanguard Group "Successful investors know they must do their own due diligence. Morningstar has done much of that homework in this guide. Leave it to Morningstar to get it right, offering smart ways to pick, build and monitor a portfolio. It's a commonsense guide that should grace every investor's shelf." --Ted David, CNBC Anchor "There's nothing Morningstar doesn't know about mutual funds. And at last, for ready reference, there's a book. You'll find everything here you need to know about managing fund investments, inside or outside a 401(k)." --Jane Bryant Quinn, Newsweek columnist and author of Making the Most of Your Money
Download or read book Mutual Funds written by John A. Haslem and published by John Wiley & Sons. This book was released on 2009-10-08 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: An authoritative, must-read guide to making more informed decisions about mutual funds Providing a balance of theory and application, this authoritative book will enable you to evaluate the various performance and risk attributes of mutual funds. It covers a broad range of topics, including understanding the advantages and disadvantages of mutual funds, evaluating stock/bond allocations within fund portfolios, assessing fund diversification risk, measuring fund returns and risk, and making fund buy/sell decisions. While informative chapters combine clear summaries of existing research with practical guidelines for mutual fund analysis, step-by-step decision checklists guide you through the selection of various mutual funds. Puts the risks and rewards of mutual fund investing in perspective Skillfully examines how to select and evaluate the best mutual funds Outlines mutual fund service advantages and disadvantages Discusses the long- and short-term effectiveness of mutual funds Covering major theoretical and management issues in mutual fund analysis and portfolio management, this book is an authoritative guide.
Book Synopsis SEC Docket by : United States. Securities and Exchange Commission
Download or read book SEC Docket written by United States. Securities and Exchange Commission and published by . This book was released on 1988 with total page 1618 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Family Descent as a Signal of Managerial Quality by : Oleg Chuprinin
Download or read book Family Descent as a Signal of Managerial Quality written by Oleg Chuprinin and published by . This book was released on 2016 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the relation between mutual fund managers family backgrounds and their professional performance. Using hand-collected data from individual Census records on the wealth and income of managers parents, we find that managers from poor families deliver higher alphas than managers from rich families. This result is robust to alternative measures of fund performance, such as benchmark-adjusted return and value extracted from capital markets. We argue that managers born poor face higher entry barriers into asset management, and only the most skilled succeed. Consistent with this view, managers born rich are more likely to be promoted, while those born poor are promoted only if they outperform. Overall, we establish the first link between family descent of investment professionals and their ability to create value.
Download or read book Mutual Funds written by John Haslem and published by John Wiley & Sons. This book was released on 2009-02-09 with total page 592 pages. Available in PDF, EPUB and Kindle. Book excerpt: This authoritative book enables readers to evaluate the variousperformance and risk attributes of mutual funds, while also servingas a comprehensive resource for students, academics, and generalinvestors alike. Avoiding the less useful descriptive approach tofund selection, this book employs a balanced approach includingboth technique and application. The chapters combine clearsummaries of existing research with practical guidelines for mutualfund analysis. Enables readers to analyze mutual funds by evaluating a fund'svarious performance and risk attributes. Includes templates, which provide an efficient, sound approachto fund analysis, interpretation of results, buy/sell decisions,and the timing of decisions. Combines clear summaries of existing research with practicalguidelines for mutual fund analysis.
Download or read book Journal of Financial Economics written by and published by . This book was released on 1996 with total page 1060 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Two Essays on the Conflict of Interests Within the Financial Services Industry - Financial Industry Consolidation: The Motivations and Consequences of the Financial Services Modernization Act (FSMA) and "down But Not Out" Mutual Fund Manager Turnover Within Fund Families by : Lonnie Lashawn Bryant
Download or read book Two Essays on the Conflict of Interests Within the Financial Services Industry - Financial Industry Consolidation: The Motivations and Consequences of the Financial Services Modernization Act (FSMA) and "down But Not Out" Mutual Fund Manager Turnover Within Fund Families written by Lonnie Lashawn Bryant and published by . This book was released on 2008 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Performance Changes Following Top Management Turnover by : Ajay Khorana
Download or read book Performance Changes Following Top Management Turnover written by Ajay Khorana and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper I examine the impact of mutual fund manager replacement on subsequent fund performance. Using a sample of 393 domestic equity and bond fund managers that were replaced over the 1979-1991 period, for the underperformers I document significant improvements in post-replacement performance relative to the past performance of the fund. On the other hand, the replacement of overperforming managers results in deterioration in post-replacement performance. I find evidence supporting the presence of strategic risk shifting in the fund portfolios prior to replacement. Furthermore, consistent with the notion of window dressing, I document that the level of portfolio turnover activity decreases significantly in the post-replacement period. Lastly, the replacement of poor performers is preceded by significant decreases in net new inflows in the fund.
Book Synopsis Impact on Small Business of Replacing the Federal Income Tax by : United States. Congress. House. Committee on Ways and Means
Download or read book Impact on Small Business of Replacing the Federal Income Tax written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1996 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Kiplinger's Personal Finance written by and published by . This book was released on 1994-10 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most trustworthy source of information available today on savings and investments, taxes, money management, home ownership and many other personal finance topics.
Book Synopsis Private Wealth by : Stephen M. Horan
Download or read book Private Wealth written by Stephen M. Horan and published by John Wiley & Sons. This book was released on 2009-01-09 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth examination of today's most important wealth management issues Managing the assets of high-net-worth individuals has become a core business specialty for investment and financial advisors worldwide. Keeping abreast of the latest research in this field is paramount. That's why Private Wealth, the inaugural offering in the CFA Institute Investment Perspectives series has been created. As a sister series to the globally successful CFA Institute Investment Series, CFA Institute and John Wiley are proud to offer this new collection. Private Wealth presents the latest information on lifecycle modeling, asset allocation, investment management for taxable private investors, and much more. Researched and written by leading academics and practitioners, including Roger Ibbotson of Yale University and Zvi Bodie of Boston University, this volume covers human capital and mortality risk in life cycle stages and proposes a life-cycle model for life transitions. It also addresses complex tax matters and provides details on customizing investment theory applications to the taxable investor. Finally, this reliable resource analyzes the use of tax-deferred investment accounts as a means for wealth accumulation and presents a useful framework for various tax environments.
