The Good or the Bad? Which Mutual Fund Managers Join Hedge Funds?
研究发现共同基金行业能留住业绩好的经理，而业绩差的更可能离职，其中少数去了小型新设对冲基金；少数业绩好的经理则通过同时管理对冲基金被留住。
Does the mutual fund industry lose its best managers to hedge funds? We find that mutual funds are able to retain managers with good performance in the face of competition from a growing hedge fund industry. On the other hand, poor performers are more likely to leave the mutual fund industry. A small fraction of these poor performers find jobs with smaller and younger hedge fund companies, especially when the hedge fund industry is growing rapidly. Analogously, a small fraction of the better-performing mutual fund managers are retained by allowing them to manage a hedge fund side-by-side.