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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
Departamento de Contabilidad y Finanzas, Área de Economía Financiera y Contabilidad

Máster en Contabilidad y Finanzas

Resumen: 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.

Palabra(s) clave (del autor): manager replacement ; mutual funds ; performance ; risk level
Tipo de Trabajo Académico: Trabajo Fin de Master

El autor NO autoriza la consulta a texto completo


 Registro creado el 2012-10-08, última modificación el 2012-12-26

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