9466 Zaragoza Universidad de Zaragoza 2012 denied El autor no autoriza la difusión del texto completo de su obra 553174@celes.unizar.es TAZ TFM ECON Andreu Sánchez, Laura dir. Sarto Marzal, José Luis dir. Universidad de Zaragoza Contabilidad y Finanzas Economía Financiera y Contabilidad Financial implications of manager replacement: evidence from Spanish mutual fund industry 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. Máster en Contabilidad y Finanzas Serrano Cored, Miguel TAZ-TFM-2012-1061 eng manager replacement mutual funds performance risk level http://zaguan.unizar.es/TAZ/ECON/2012/9466/TAZ-TFM-2012-1061.pdf 239493 Memoria (eng)