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| Author: | Khorana, A. Servaes, H. Wedge, L. |
| Title: | Portfolio manager ownership and fund performance |
| Journal: | Journal of Financial Economics
2007 : JUL, VOL. 85:1, p. 179-204 |
| Index terms: | portfolio management funds |
| Freeterms: | ownership |
| Language: | eng |
| Abstract: | This paper documents the range of portfolio manager ownership (here as: o-ship.) in the funds they manage. It is explored whether higher o-ship. is associated with improved future performance (here as: perf). Almost half of all managers have o-ship. stakes in their managed funds. Future risk-adjusted perf. is positively related to managerial o-ship., with perf. improving by about three basis points (as: b-pt./b-pts.) for each b-pt. of managerial o-ship. Fund manager o-ship. is higher in funds with better past perf., lower front-end loads, smaller size, longer managerial tenure, and funds affiliated with smaller families etc. |
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