publication . Research . Preprint . 2015

Managerial multitasking in the mutual fund industry

Agarwal, Vikas; Ma, Linlin; Mullally, Kevin;
Open Access
  • Published: 01 Jan 2015
  • Publisher: Cologne: University of Cologne, Centre for Financial Research (CFR)
Abstract
We examine the determinants and consequences of mutual fund managers simultaneously managing multiple funds. Well-performing managers multitask by taking over poorly performing funds or launching new funds. Subsequent to multitasking, funds run by managers prior to multitasking (i.e., incumbent funds) experience performance deterioration while the performance of the acquired funds improves. Multitasking increases the assets of fund companies but results in a wealth transfer from shareholders of the incumbent funds to those of the funds the managers take over. Multitasking arrangements are terminated when investors recognize the associated agency problem and with...
Subjects
free text keywords: G20, Multitasking,Fund Performance,Fund Flows,Agency Problems, Multitasking, G10, Agency Problems, G23, Fund Performance, Fund Flows, jel:G23, jel:G10, jel:G20, ddc:330
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publication . Research . Preprint . 2015

Managerial multitasking in the mutual fund industry

Agarwal, Vikas; Ma, Linlin; Mullally, Kevin;