Knowledge Spillovers in the Mutual Fund Industry Through Labor Mobility

Inter-Industry Labor Mobility and Knowledge Spillovers in Taiwan, China

Intra-Industry Knowledge Spillovers and Scientic Labor Mobility

I test the hypothesis that the mobility of scienti…c and technical personnel is a conduit for knowledge spillovers among innovative …rms. Using a variant of the standard Tobin’s Q equation, I show that …rms who have access to large pools of externally created knowledge in their industrial and technological neighborhoods enjoy additional market value as a result of higher scienti…c labor mobilit...

The MUTUAL FUND INDUSTRY

Measuring Skill in the Mutual Fund Industry∗

Using the dollar-value that a mutual fund adds as the measure of skill, we find that the average mutual fund adds about $2 million per year and that this skill persists for as long as 10 years. We further document that investors recognize this skill and reward it by investing more capital with better funds. Better funds earn higher aggregate fees, and there is a strong positive correlation betw...

Market Discipline and Internal Governance in the Mutual Fund Industry∗

This paper develops a continuous-time model in which a portfolio manager is hired by a management company. Based on past portfolio returns, all agents update their beliefs about the manager’s skills. In response, investors can move capital into or out of the mutual fund, the portfolio manager can alter the risk of the portfolio and the management company can replace the manager. We examine the ...