Effects of Team Hierarchies on Bond Investing*
利用固定收益投资组合经理的组织结构数据，研究团队层级如何降低经理收集和分享软信息的动力，导致投资本地债券减少、组合更分散、跟风市场更多，最终降低投资业绩。
By using a unique data set on the organizational structure of fixed-income portfolio managers, that is, mutual funds and insurance companies, we study the effects of organizational hierarchy within a fund management team on bond investing. We document that team hierarchies reduce the portfolio managers’ incentive to collect and share soft information. Funds with multiple hierarchies invest less in bonds of local firms, hold less concentrated portfolios, and herd more with the market. Overall, they deliver lower portfolio performances. We also show that changes in fund hierarchy subsequently find their way into fund behaviors.