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Financial implications of manager replacement: evidence from Spanish mutual fund industry

Serrano Cored, Miguel
Andreu Sánchez, Laura (dir.) ; Sarto Marzal, José Luis (dir.)

Universidad de Zaragoza, Facultad de Economía y Empresa, 2012
Contabilidad y Finanzas department, Economía Financiera y Contabilidad area

Máster en Contabilidad y Finanzas

Abstract: We analyze the financial consequences of manager replacement using a sample of 104 Spanish equity mutual funds experiencing manager turnover over the period 1999-2009. We find that underperforming funds in the pre-replacement period suffer a significant improvement in the excess returns and performance, an improvement that lasts over time. The analysis of the fund risk profile does not provide conclusive results although it documents an increase in the level of risk in the post-replacement period for those funds with negative performance before the manager change, a finding related with the tournament hypothesis.

Free keyword(s): manager replacement ; mutual funds ; performance ; risk level
Tipo de Trabajo Académico: Trabajo Fin de Master

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 Record created 2012-10-08, last modified 2012-12-26

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