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Board of Director Configurations in Mutual Fund Sponsors: Early Evidence of Board-Level Performance

In: Issues in Corporate Governance and Finance

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  • Scott Besley
  • Steve P. Fraser
  • Christos Pantzalis

Abstract

We examine the relationship between how mutual fund sponsors configure their board(s) of directors and the performance of the funds under a particular board's purview. Fund sponsors utilize either one board to oversee all the funds within a fund family or multiple boards that oversee one fund or a subset of the family's funds. Our results suggest that fund families – that is, sponsors – that use multiple boards have significantly higher objective-adjusted board-level weighted excess returns. But, there are no significant differences in the objective-adjusted board-level weighted excess expenses. These results are consistent with the argument that multiple boards provide superior monitoring.

Suggested Citation

  • Scott Besley & Steve P. Fraser & Christos Pantzalis, 2007. "Board of Director Configurations in Mutual Fund Sponsors: Early Evidence of Board-Level Performance," Advances in Financial Economics, in: Issues in Corporate Governance and Finance, pages 203-236, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:afeczz:s1569-3732(07)12009-0
    DOI: 10.1016/S1569-3732(07)12009-0
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