IDEAS home Printed from https://ideas.repec.org/a/bla/acctfi/v59y2019i5p2961-2991.html
   My bibliography  Save this article

Unobserved ties between corporate executives and mutual fund managers

Author

Listed:
  • Jing Lin
  • Leng Ling
  • Mingshan Zhou

Abstract

After corporate executives relocate from origin firms to destination firms, only 3.6 percent of mutual fund managers follow the departing executives: they divest from origin firms while initiating investments in destination firms. This phenomenon is more pronounced for those funds that earned superior returns from investments in the origin firms, and that demand more information regarding the destination firms. Further, comigration funds’ holding changes in destination firms more accurately predict cumulative abnormal returns around earnings announcements than do their investments in other stocks and non‐comigration funds’ new investments. Hiring the migrating executives does not improve the destination firms’ operating performance.

Suggested Citation

  • Jing Lin & Leng Ling & Mingshan Zhou, 2019. "Unobserved ties between corporate executives and mutual fund managers," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 59(5), pages 2961-2991, December.
    • Handle: RePEc:bla:acctfi:v:59:y:2019:i:5:p:2961-2991
    DOI: 10.1111/acfi.12542
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/acfi.12542
    Download Restriction: no
    File URL: https://libkey.io/10.1111/acfi.12542?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:acctfi:v:59:y:2019:i:5:p:2961-2991. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/aaanzea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.