Reallocation of Mutual Fund Managers and Capital Raising Ability

Gender and Human Capital of Mutual Fund Managers and the Operating Efficiency

No study has explored the relationship among gender differences, human capital, and investment performance. This article is the first to answer the question, “Do female fund managers outperform male ones in fund performance given the same amount of human capital inputs?” Forty-two stock fund managers in Taiwan, 11 females and 31 males, were the subjects of this research. The research period for...

Do Mutual Fund Managers Monitor Executive Compensation?

We find significant relations between active mutual fund portfolio holdings and executive compensation, which appear to be largely driven by mutual fund investment styles rather than monitoring behaviour. Aggressive growth fund holdings are associated with performance pay, while income fund holdings are negatively related. We also find that mutual fund holdings are insensitive to changes in exe...

Identifying Skilled Mutual Fund Managers by their Ability to Forecast Earnings

We propose a new measure, the Ability to Forecast Earnings (AFE), to identify skilled fund managers. AFE focuses on stock performance during a short window around earnings announcements, in which price movements are predominantly due to firmspecific information revealing fundamental values. It is thus less affected by noise and other shocks in the market. Over the period 1984–2008, we find stro...

Managers, Investors, and Crises: Mutual Fund Strategies in Emerging Markets

Front - Running by Mutual Fund Managers : A Mixed Bag ?

This paper evaluates the welfare implications of front-running by mutual fund managers. It extends the model of Kyle (1985) to a situation in which the insider with fundamentals-information competes against an insider with trade-information and in which noise trading is endogenized. Noise traders are small investors trading through mutual funds to hedge non-tradable or illiquid assets. The insi...