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Portfolio Manager Ownership and Mutual Fund Performance

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  • Allison L. Evans

Abstract

"This paper examines the association between a mutual fund manager's personal fund investment and mutual fund performance. From a data set of newly released managerial ownership disclosures, I find that fund ownership levels are diverse and, in many instances, quite large. Mutual fund returns are increasing in the level of managerial investment, consistent with personal ownership realigning decision-maker and shareholder interests. Also consistent with the reduction of agency costs, I find that managerial ownership is inversely related to fund turnover. However, there is no evidence of an association between managerial ownership and a mutual fund's tax burden." Copyright (c) 2008 Financial Management Association International..

Suggested Citation

  • Allison L. Evans, 2008. "Portfolio Manager Ownership and Mutual Fund Performance," Financial Management, Financial Management Association International, vol. 37(3), pages 513-534, September.
  • Handle: RePEc:bla:finmgt:v:37:y:2008:i:3:p:513-534
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1755-053X.2008.00023.x
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    Cited by:

    1. Abigail S. Hornstein & James Hounsell, 2013. "Managerial Investment in Mutual Funds," Wesleyan Economics Working Papers 2013-005, Wesleyan University, Department of Economics.
    2. Martin, Thorsten & Sonnenburg, Florian, 2015. "Managerial ownership changes and mutual fund performance," CFR Working Papers 16-03, University of Cologne, Centre for Financial Research (CFR).
    3. repec:eee:corfin:v:47:y:2017:i:c:p:110-130 is not listed on IDEAS
    4. Dahlquist, Magnus & Odegaard, Bernt Arne, 2018. "A Review of Norges Bank's Active Management of the Government Pension Fund Global," UiS Working Papers in Economics and Finance 2018/1, University of Stavanger.
    5. Kurniawan, Meinanda & How, Janice & Verhoeven, Peter, 2016. "Fund governance and style drift," Pacific-Basin Finance Journal, Elsevier, vol. 40(PA), pages 59-72.
    6. Aidan Yao & Honglin Wang, 2012. "What are the Challenges and Problems Facing China's Outward Portfolio Investment: Evidence from the Qualified Domestic Institutional Investor Scheme," Working Papers 312012, Hong Kong Institute for Monetary Research.
    7. Hornstein, Abigail S. & Hounsell, James, 2016. "Managerial investment in mutual funds: Determinants and performance implications," Journal of Economics and Business, Elsevier, vol. 87(C), pages 18-34.
    8. Fu, Richard & Wedge, Lei, 2011. "Managerial ownership and the disposition effect," Journal of Banking & Finance, Elsevier, vol. 35(9), pages 2407-2417, September.

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