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Does Skin in the Game Matter? Director Incentives and Governance in the Mutual Fund Industry

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  • Martijn Cremers
  • Joost Driessen
  • Pascal Maenhout
  • David Weinbaum

Abstract

We use a unique database on the ownership stakes and compensation of equity mutual fund directors to analyze whether the directors' incentive structure is related to fund performance. We find that governance plays an economically substantial and statistically significant role. The ownership stakes of both independent and non-independent directors matter for fund performance. Further, the various governance variables interact: funds with high director ownership outperform those with low director ownership only w

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File URL: http://icfpub.som.yale.edu/publications/2470
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Bibliographic Info

Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number amz2470.

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Date of creation: 01 Mar 2005
Date of revision: 01 Nov 2008
Handle: RePEc:ysm:somwrk:amz2470

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Web page: http://icf.som.yale.edu/
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Cited by:
  1. Khorana, Ajay & Servaes, Henri & Wedge, Lei, 2007. "Portfolio manager ownership and fund performance," Journal of Financial Economics, Elsevier, vol. 85(1), pages 179-204, July.
  2. Kempf, Alexander & Pütz, Alexander & Sonnenburg, Florian, 2012. "Fund manager duality: Impact on performance and investment behavior," CFR Working Papers 12-06, University of Cologne, Centre for Financial Research (CFR).
  3. Stephen Brown & William Goetzmann & Bing Liang & Christopher Schwarz, 2009. "Trust and Delegation," Yale School of Management Working Papers amz2545, Yale School of Management, revised 13 Nov 2009.
  4. Qian, Meijun, 2011. "Is "voting with your feet" an effective mutual fund governance mechanism?," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 45-61, February.
  5. Andreu, Laura & Pütz, Alexander, 2012. "Are two business degrees better than one? Evidence from mutual fund managers' education," CFR Working Papers 12-01, University of Cologne, Centre for Financial Research (CFR).

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