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Horses for Courses: Fund Managers and Organizational StructuresYufeng HanUniversity of Colorado at Denver - Business School Michael J. RebelloUniversity of Texas at Dallas - Naveen Jindal School of Management Thomas H. NoeUniversity of Oxford - Said Business School; University of Oxford - Balliol College; European Corporate Governance Institute January 22, 2008 Second Singapore International Conference on Finance 2008 Abstract: This paper considers the team management of mutual funds, fund manager ability, fund performance, and holdings. We find evidence suggesting a positive relation between fund performance and team management concurrent with a negative relation between managerial ability and the use of team management. Consistent with the notion that team management suppresses portfolio eccentricity and leads to more generic trading strategies, thereby both increasing returns and making returns less informative of fund manager ability, we also find that team management is associated with less idiosyncratic portfolio holdings and a greater loading on large capitalization, low book-to-market, and momentum stocks.
Number of Pages in PDF File: 59 Keywords: Team Management, Fund Performance, Self Selection JEL Classification: G29 working papers seriesDate posted: March 4, 2008Suggested CitationContact Information
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