Repositorio Zaguan - Universidad de Zaragoza 

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000009466 001__ 9466
000009466 037__ $$aTAZ-TFM-2012-1061
000009466 041__ $$aeng
000009466 1001_ $$aSerrano Cored, Miguel
000009466 24500 $$aFinancial implications of manager replacement: evidence from Spanish mutual fund industry
000009466 260__ $$aZaragoza$$bUniversidad de Zaragoza$$c2012
000009466 506__ $$adenied
000009466 520__ $$aWe analyze the financial consequences of manager replacement using a sample of 104 Spanish equity mutual funds experiencing manager turnover over the period 1999-2009. We find that underperforming funds in the pre-replacement period suffer a significant improvement in the excess returns and performance, an improvement that lasts over time. The analysis of the fund risk profile does not provide conclusive results although it documents an increase in the level of risk in the post-replacement period for those funds with negative performance before the manager change, a finding related with the tournament hypothesis.
000009466 521__ $$aMáster en Contabilidad y Finanzas
000009466 540__ $$aEl autor no autoriza la difusión del texto completo de su obra
000009466 6531_ $$amanager replacement
000009466 6531_ $$amutual funds
000009466 6531_ $$aperformance
000009466 6531_ $$arisk level
000009466 700__ $$aAndreu Sánchez, Laura$$edir.
000009466 700__ $$aSarto Marzal, José Luis$$edir.
000009466 7102_ $$aUniversidad de Zaragoza$$bContabilidad y Finanzas$$cEconomía Financiera y Contabilidad
000009466 8560_ $$f553174@celes.unizar.es
000009466 8564_ $$s239493$$uhttp://zaguan.unizar.es/TAZ/ECON/2012/9466/TAZ-TFM-2012-1061.pdf$$zMemoria (eng)
000009466 950__ $$a
000009466 980__ $$aTAZ$$bTFM$$cECON
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