Portfolio manager ownership and mutual fund performance Public Deposited

Analytics

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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.
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  • In Copyright
Advisor
  • Shackelford, Douglas A.
Degree granting institution
  • University of North Carolina at Chapel Hill
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  • Open access
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