Portfolio Manager Ownership and Mutual Fund Performance
研究基金经理个人持有自己管理的基金份额与基金业绩之间的关系，发现经理持股越多，基金回报越高，同时基金换手率越低，但经理持股与基金税负无关。
This paper examines the association between a mutual fund manager's personal fund investment and mutual fund performance. From a data set of newly released managerial ownership disclosures, I find that fund ownership levels are diverse and, in many instances, quite large. Mutual fund returns are increasing in the level of managerial investment, consistent with personal ownership realigning decision‐maker and shareholder interests. Also consistent with the reduction of agency costs, I find that managerial ownership is inversely related to fund turnover. However, there is no evidence of an association between managerial ownership and a mutual fund's tax burden.