Top Management Turnover: An Analysis of Active Australian Investment Managers

Gallagher, David R.; Nadarajah, Prashanthi

doi:10.1177/031289620402900206

Cited by 11 publications

(1 citation statement)

References 35 publications

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“…Conversely, managers replacing the worst performers improve the median objective adjusted fund returns by 2.9% in the same period. Gallagher and Nadarajah (2004) focus on the change in the performance, risk and flow activity of Australian equity, fixed income and balanced funds pre-and post-top management there is a reversal in performance for both outperformers and underperformers; the idiosyncratic risk increases prior to the turnover; and that funds exhibiting poor pre-turnover performance are penalised by lower flows. More recently Bessler et al (2012) show that both fund flows and manager turnover (in combination and independently) explain the mean reverting nature of mutual fund performance.…”

Section: Introductionmentioning

confidence: 99%

What impact does a change of fund manager have on mutual fund performance?

Clare

Motson

Sapuric

et al. 2014

International Review of Financial Analysis

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This is the accepted version of the paper.This version of the publication may differ from the final published version. This version: July 2014 ___________________________________________________________________________ Abstract Using a unique database of UK fund manager changes over the period from 1997 to 2011, we examine the impact of such changes on fund performance. We find clear evidence to suggest that a manager change does affect the benchmark-adjusted performance of UK mutual funds. In particular we find a significant deterioration in the benchmark-adjusted returns of funds that were top performers before the manager exit and, conversely, a significant improvement in the average benchmark-adjusted returns of funds that were poor performers before the manager exit. Our use of the Carhart's (1997) four-factor model reveals that the improvement in average post manager exit performance is accompanied by a reduction in market risk, a slight reduction in exposure to small cap stocks, and an increase in exposure to value and momentum stocks. Overall, our results suggest that UK fund management companies have been relatively successful in replacing bad managers with better managers, but relatively unsuccessful at finding equivalent replacements for their top performing managers. We believe that regulators should therefore try to ensure that all efforts are made by fund management companies to inform all of their investors about a change in management. ugh individual investors m JEL classification: G0; G14; G20 Permanent repository link

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Section: Introductionmentioning

confidence: 99%

What impact does a change of fund manager have on mutual fund performance?

Clare

Motson

Sapuric

et al. 2014

International Review of Financial Analysis

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On characterizing scale effect of Chinese mutual funds via text mining

Wang

Yuan

et al. 2016

Signal Processing

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Perceived organizational politics and turnover intentions: critical roles of social adaptive behavior and emotional regulation skills

Clercq

Khan²,

Haq

2021

Journal of Management & Organization

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With a basis in conservation of resources theory, this study investigates how social adaptive behavior might mediate the relationship between employees' perceptions of organizational politics and their turnover intentions, as well as a buffering role of their emotional regulation skills as a critical personal resource. Data collected from employees in the food sector reveal that beliefs about dysfunctional political games spur turnover intentions, driven by employees' unwillingness to adjust themselves to the actions of their organizational colleagues. This mediating role of social adaptive behavior, or its lack, is less salient when employees have a greater ability to control their own emotions though. For organizations, this study accordingly pinpoints a key mechanism—a reluctance to accommodate other members' preferences—by which perceived organizational politics can escalate into a desire to leave the organization. It also reveals how this mechanism can be better contained by employees' ability to remain calm, even in difficult situations.

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Top Management Turnover: An Analysis of Active Australian Investment Managers

Cited by 11 publications

References 35 publications

What impact does a change of fund manager have on mutual fund performance?

What impact does a change of fund manager have on mutual fund performance?

On characterizing scale effect of Chinese mutual funds via text mining

Perceived organizational politics and turnover intentions: critical roles of social adaptive behavior and emotional regulation skills

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