Universidad de Zaragoza Custodiado por la Biblioteca de la Universidad de Zaragoza Premis-plugin for CDSInvenio, developed by Miguel Martín Miguel Martín González 02408nmm 2200000 a 4500

2012-12-26

eng Serrano Cored, Miguel Andreu Sánchez, Laura Sarto Marzal, José Luis http://zaguan.unizar.es/record/9466 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. info:eu-repo/semantics/closedAccess Fulltext access not authorized info:eu-repo/semantics/bachelorThesis info:eu-repo/semantics/publishedVersion application/pdf 2012-10-08 02408nmm 2200000 a 4500 9466 TAZ-TFM-2012-1061 eng Serrano Cored, Miguel Financial implications of manager replacement: evidence from Spanish mutual fund industry Zaragoza Universidad de Zaragoza 2012 denied 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 El autor no autoriza la difusión del texto completo de su obra manager replacement mutual funds performance risk level Andreu Sánchez, Laura dir. Sarto Marzal, José Luis dir. Universidad de Zaragoza Contabilidad y Finanzas Economía Financiera y Contabilidad 553174@celes.unizar.es 239493 http://zaguan.unizar.es/TAZ/ECON/2012/9466/TAZ-TFM-2012-1061.pdf Memoria (eng) TAZ TFM ECON URI http://zaguan.unizar.es/record/9466 SUPPORTED 0 MD5 http://zaguan.unizar.es/TAZ/ECON/2012/9466/TAZ-TFM-2012-1061.md5 4096 image/x.djvu 6 http://djvu.sourceforge.net/abstract.html DJVU/6 Profile information Lizardtech Document Express Enterprise 5.1 2011-01-19T11:29:27 URI http://zaguan.unizar.es/TAZ/ECON/2012/9466/TAZ-TFM-2012-1061.pdf disk Minimum View Print Visualization of DJVU requires specific software, like DjVu Browser Plugin URI http://creativecommons.org/licenses/by-nc/3.0 URI http://creativecommons.org/licenses/by-nc/3.0 license URI http://creativecommons.org/licenses/by-nc/3.0 You are free to adapt, copy, transmite or distribute the work under the following conditions: (1) You must attribute the work in the manner specified by the author or licensor (but not in any way that suggests that they endorse you or your use of the work). (2) You may not use this work for commercial purposes (3) For any reuse or distribution, you must make clear to others the license terms of this work (4) Any of the above conditions can be waived if you get permission from the copyright holder (5) Nothing in this license impairs or restricts the author's moral rights This object is licensed under Creative Common Attribution-NonCommercial 3.0 (further details: http://creativecommons.org/licenses/by-nc/3.0/). Universidad de Zaragoza Automatizacion de Bibliotecas Edif. Matematicas, Pedro Cerbuna 12, 50009 Zaragoza auto.buz@unizar.es