000048705 001__ 48705
000048705 005__ 20200221144332.0
000048705 0248_ $$2sideral$$a94576
000048705 037__ $$aART-2016-94576
000048705 041__ $$aeng
000048705 100__ $$0(orcid)0000-0002-2525-9049$$aAlda, M.$$uUniversidad de Zaragoza
000048705 245__ $$aManager characteristics and manager-replacement: How is pension fund performance affected?
000048705 260__ $$c2016
000048705 5060_ $$aAccess copy available to the general public$$fUnrestricted
000048705 5203_ $$aPension funds are professionally managed investment products designed to cover the retirement needs of individual investors, so managerial control mechanisms are crucial to future retirement income. In this paper, we analyze the effectiveness of the manager replacement mechanism in pension funds. We first examine possible determinants (raw return, excess return, risk and manager and fund characteristics) of manager replacement in a sample of Spanish pension funds. We also analyze the impact of manager replacement on funds’ returns (raw and excess returns) and risk via an analysis of manager characteristics. Finally, we employ an event-study methodology to examine the capacity of new managers to generate positive abnormal returns. Our empirical results show that manager replacement is not motivated only by poor excess returns, but is also linked to manager characteristics. Pension funds with good performance in the pre-replacement period suffer deterioration after replacement, and new managers need about one year to achieve good results. In funds without replacement, managers with longer tenure underperform and female managers are market-risk averse.
000048705 540__ $$9info:eu-repo/semantics/openAccess$$aAll rights reserved$$uhttp://www.europeana.eu/rights/rr-f/
000048705 590__ $$a0.604$$b2016
000048705 591__ $$aBUSINESS, FINANCE$$b74 / 96 = 0.771$$c2016$$dQ4$$eT3
000048705 592__ $$a0.275$$b2016
000048705 593__ $$aAccounting$$c2016$$dQ3
000048705 593__ $$aFinance$$c2016$$dQ3
000048705 593__ $$aEconomics and Econometrics$$c2016$$dQ3
000048705 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000048705 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000048705 773__ $$g66, 2 (2016), 161-180$$pFinance úvÏer$$tFINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE$$x0015-1920
000048705 85641 $$uhttp://journal.fsv.cuni.cz/mag/article/show/id/1353$$zTexto completo de la revista
000048705 8564_ $$s830464$$uhttps://zaguan.unizar.es/record/48705/files/texto_completo.pdf$$yVersión publicada
000048705 8564_ $$s62948$$uhttps://zaguan.unizar.es/record/48705/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000048705 909CO $$ooai:zaguan.unizar.es:48705$$particulos$$pdriver
000048705 951__ $$a2020-02-21-13:45:51
000048705 980__ $$aARTICLE