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| Author: | Massa, M. Reuter, J. Zitzewitz, E. |
| Title: | When should firms share credit with employees? Evidence from anonymously managed mutual funds |
| Journal: | Journal of Financial Economics
2010 : MAR, VOL. 95:3, p. 400-424 |
| Index terms: | funds management marketing |
| Freeterms: | media favouritism |
| Language: | eng |
| Abstract: | This study explores the choice between named and anonymous mutual fund managers (here as: mgrs). It is argued that fund families weigh the benefits of naming mgrs. against the cost associated with their increased future bargaining power. Named mgrs. receive more media mentions, have greater inflows, and suffer less return diversion due to within family cross-subsidization. Yet, departures of named mgrs. reduce net flows. Naming mgrs. became less common from 1993 to 2004, especially true in the asset classes and cities most affected by the hedge fund boom. This increased outside opportunities for, and the cost of retaining, successful named managers. |
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