Karoglou, Michail, Liu, Jia and Stafylas, Dimitrios (2023) What makes fund managers leave their jobs faster? British Journal of Management. ISSN 1467-8551
Abstract
We examine fund managers’ mobility across different funds and the factors associated with their moving to new posts. Based on a comprehensive and unique dataset of open-ended funds of the booming Chinese mutual fund industry, we model the duration of a fund manager’s service as a time-to-event counting process and examine how the prevailing market conditions, the manager’s performance and the risk profile of the fund determine how long the manager will remain in post. Our study establishes that managerial performance and rising rather than falling markets are two main factors that make managers less likely to remain in their posts. In contrast, the riskier the profile of the fund with respect to the market, the less likely it is that a manager will move. When all factors are considered, it appears that open-ended fund managers leave their posts when offered better employment prospects rather than when confronted by market adversity. Our study provides a novel insight into the optimization of investment decisions, and encourages regulators to scrutinize the disclosure of appropriate information to investors regarding fund manager changes.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2023 The Authors. |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > The York Management School |
Depositing User: | Pure (York) |
Date Deposited: | 17 Nov 2023 09:50 |
Last Modified: | 16 Oct 2024 19:36 |
Published Version: | https://doi.org/10.1111/1467-8551.12773 |
Status: | Published online |
Refereed: | Yes |
Identification Number: | 10.1111/1467-8551.12773 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:205474 |
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