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The Good or the Bad? Which Mutual Fund Managers Join Hedge Funds?Prachi DeuskarUniversity of Illinois at Urbana-Champaign Joshua Matthew PolletUniversity of Illinois at Urbana-Champaign - Department of Finance Zhi Jay WangUniversity of Oregon - Charles H. Lundquist School of Business Lu ZhengUniversity of California, Irvine - Paul Merage School of Business March 10, 2011 Review for Financial Studies, Forthcoming AFA 2010 Atlanta Meetings Paper Abstract: Does the mutual fund industry lose its best managers to hedge funds? We find that mutual funds are able to retain managers with good performance in the face of competition from a growing hedge fund industry. On the other hand, poor performers are more likely to leave the mutual fund industry. A small fraction of these poor performers find jobs with smaller and younger hedge fund companies, especially when the hedge fund industry is growing rapidly. Analogously, a small fraction of the better performing mutual fund managers are retained by allowing them to manage a hedge fund side-by-side.
Number of Pages in PDF File: 22 Keywords: Mutual Funds, Hedge Funds, Managerial Turnover JEL Classification: G23, G29 Accepted Paper SeriesDate posted: March 22, 2009 ; Last revised: June 29, 2011Suggested CitationContact Information
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