Performance Changes Following Top Management Turnover: Evidence from Open-End Mutual Funds
研究1979-1991年间393位美国股票和债券基金经理被替换后基金业绩的变化，发现替换业绩差的经理能改善业绩，而替换业绩好的经理则导致业绩下滑，并分析了策略风险转移和窗口粉饰行为。
I examine the impact of mutual fund manager replacement on subsequent fund perfor? mance. Using a sample of 393 domestic equity and bond fund managers that were replaced over the 1979-1991 period, for the underperformers, I document significant improvements in post-replacement performance relative to the past performance of the fund. On the other hand, the replacement of overperforming managers results in deterioration in postreplacement performance. I find evidence supporting the presence of strategic risk shifting in the fund portfolios prior to replacement. Furthermore, consistent with the notion of win? dow dressing, I document that the level of portfolio turnover activity decreases significantly in the post-replacement period. Lastly, the replacement of poor performers is preceded by significant decreases in net new inflows in the fund.