search query: @indexterm CONTROL SYSTEMS / total: 274
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| Author: | Khorana, A. |
| Title: | Top management turnover: an empirical investigation of mutual fund managers |
| Journal: | Journal of Financial Economics
1996 : MAR, VOL. 40:3, p. 403-427 |
| Index terms: | UNIT TRUSTS CONTROL SYSTEMS MANAGEMENT |
| Language: | eng |
| Abstract: | This paper examines the relation between the replacement of mutual fund managers and their prior performance. Using the growth rate in a fund's asset base and its portfolio returns as two separate measures of performance, the author documents an inverse relation between the probability of managerial replacement and fund performance. The sample of departing fund managers exhibits higher portfolio turnover rates and higher expenses relative to an objective-matched sample of nonreplaced fund managers. |
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