Abstract

http://ssrn.com/abstract=1492846
 
 

References (30)



 


 



Public vs Private Ownership, Board Structure and Fund Manager Turnover


John C. Adams


University of Texas at Arlington

Sattar Mansi


Virginia Polytechnic Institute & State University

Takeshi Nishikawa


University of Colorado at Denver

April 13, 2011

Financial Management Volume 42, Issue 1, pages 127–154, Spring 2013

Abstract:     
We examine the relation between organizational structure (public vs private) and managerial turnover in a large sample of U.S. offered mutual funds. Consistent with the hypothesis that publicly traded firms focus more on shorter term performance, we find that public sponsors are more sensitive to prior fund performance when making replacement decisions and experience smaller post turnover performance improvements. Additional testing suggests a higher likelihood of fund manager replacement when mutual funds are team managed and when fund boards more independent. Overall, our results indicate that organizational form plays a pivotal role in the managerial labor market for mutual funds.

Number of Pages in PDF File: 39

Keywords: Mutual funds, board structure, organizational structure, managerial turnover

JEL Classification: G20, G32, G34

working papers series





Download This Paper

Date posted: October 23, 2009 ; Last revised: October 21, 2014

Suggested Citation

Adams, John C. and Mansi, Sattar and Nishikawa, Takeshi, Public vs Private Ownership, Board Structure and Fund Manager Turnover (April 13, 2011). Financial Management Volume 42, Issue 1, pages 127–154, Spring 2013. Available at SSRN: http://ssrn.com/abstract=1492846 or http://dx.doi.org/10.2139/ssrn.1492846

Contact Information

John C. Adams
University of Texas at Arlington ( email )
Box 19449 UTA
Arlington, TX 76019
United States
904-476-2946 (Phone)
Sattar Mansi (Contact Author)
Virginia Polytechnic Institute & State University ( email )
Takeshi Nishikawa
University of Colorado at Denver ( email )
Box 173364
1250 14th Street
Denver, CO 80217
United States
Feedback to SSRN


Paper statistics
Abstract Views: 903
Downloads: 223
Download Rank: 79,988
References:  30

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo8 in 0.266 seconds