Choosing Investment Managers
研究发现，与计划发起人有关系的投资经理更易被聘用，其影响程度与历史业绩相当，但关系并未带来更高的聘用后回报，表明关系有助于经理吸引资产，却未给发起人带来相应财务收益。
Abstract Investment managers connected to plans sponsors are more likely to be hired than not-connected managers. The magnitude of the selection effect is comparable to that of prior performance. Ex post, connections do not result in higher post-hiring returns. Relationships are thus conducive to asset gathering by investment managers but do not generate commensurate pecuniary benefits for plan sponsors.