You’re Fired! New Evidence on Portfolio Manager Turnover and Performance
研究了共同基金内部管理者和外部次级顾问的更替，发现次级顾问离职与过去回报的负相关更强，且离职后业绩无改善但资金流入改善。
Abstract We study managerial turnover for both internally managed mutual funds and those managed externally by subadvisors. We argue that turnover of subadvisors provides sharper tests and helps address several unresolved issues and puzzles from the previous literature. We find dramatically stronger inverse relations between subadvisor departures and lagged returns, and new evidence on how past flow predicts turnover. We find no evidence of improvements in return performance related to departures, but flow improvements are associated with departures of poor past performers. Our findings represent new evidence on how investors, sponsors, and boards learn about and evaluate mutual fund management performance.