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Horses for Courses: Fund Managers and Organizational Structures

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  • Han, Yufeng
  • Noe, Tom
  • Rebello, Michael

Abstract

We model and test the relations between the team management of mutual funds, managers’ ability, performance, and holdings. Our model predicts that team-managed funds perform better and behave more conservatively than single-manager funds. However, the effect of team management is masked in equilibrium because high-ability managers rationally self-select into single-manager funds. Consistent with the model’s prediction, we find that team-managed funds perform better and deviate less from their benchmark allocations than single-manager funds with the same characteristics. These differences are marked after we control for the endogenous self-selection of managers.

Suggested Citation

  • Han, Yufeng & Noe, Tom & Rebello, Michael, 2017. "Horses for Courses: Fund Managers and Organizational Structures," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 52(6), pages 2779-2807, December.
    • Handle: RePEc:cup:jfinqa:v:52:y:2017:i:06:p:2779-2807_00
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    Cited by:

    1. Saurin Patel & Sergei Sarkissian & Lauren Cohen, 0. "Portfolio Pumping and Managerial Structure," Review of Economic Studies, Oxford University Press, vol. 34(1), pages 194-226.
    2. Andreu, Laura & Gimeno, Ruth & Serrano, Miguel, 2023. "Family competition via divergence in the trading of funds," Finance Research Letters, Elsevier, vol. 52(C).

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