Managerial Structure and Performance-Induced Trading

نویسندگان

  • Anastassia Fedyk
  • Saurin Patel
  • Sergei Sarkissian
چکیده

The literature nds that investors increase portfolio turnover following high returns, explaining it by either overcon dence or skilled trading. This paper develops a theoretical model and shows empirically that team-managed funds trade less after good performance than single-managed funds. The magnitude of this di erential increases with team size. Moreover, the change from singleto team-management structure decreases overcon dence induced trading. In spite of more trading, the next-period riskadjusted returns of single-managed funds are no better than those of team-managed funds. These ndings indicate that team-management reduces overcon dent trading. Alternative channels cannot explain the drop in excessive trading in team-managed funds. JEL Classi cation: D22; D70; G02; G23

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تاریخ انتشار 2017