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| Author: | Kumlin, L. Puttonen, V. |
| Title: | Does portfolio manager ownership affect fund performance? Finnish evidence |
| Journal: | Liiketaloudellinen aikakauskirja
2009 : 2, p. 95-111 |
| Index terms: | investments funds managers shareholders Nordic countries Finland |
| Freeterms: | ownership |
| Language: | eng |
| Abstract: | Based on a unique dataset of Finnish mutual funds and fund managers, this paper examines whether manager ownership (henceforth as: m-o.) is related to fund performance (here as: f-p). When dealing with m-o. measured as a percentage of the fund's total assets, there is no relation found btw. performance and m-o. which is in contradiction with U.S. evidence. Furthermore, when employing ownership measured as a percentage of the manager's taxable wealth, higher m-o. is associated with inferiour, not superiour f-p. Fund managers invest in riskier funds but this does not pay off since higher returns do not compensate higher risks. |
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