Portfolio manager ownership and mutual fund performance
Public Deposited- Last Modified
- March 21, 2019
- Creator
-
Evans, Allison L.
- Affiliation: Kenan-Flagler Business School
- Abstract
- This paper examines the association between a mutual fund manager's personal fund investment and mutual fund performance. Newly-released managerial ownership disclosures reveal that fund ownership varies across mutual fund managers and, in many instances, is quite large. I find that mutual fund returns are increasing in the level of managerial fund investment, consistent with managerial ownership realigning decision-maker and shareholder interests. Also consistent with the reduction of agency costs, I find that managerial ownership is inversely related to fund turnover, which could affect both tax and trading costs. However, I do not find any association between portfolio manager ownership and a mutual fund's tax burden.
- Date of publication
- May 2006
- DOI
- Resource type
- Rights statement
- In Copyright
- Advisor
- Shackelford, Douglas A.
- Degree granting institution
- University of North Carolina at Chapel Hill
- Language
- Access right
- Open access
- Date uploaded
- October 20, 2010
Relations
- Parents:
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