Forbearance in Institutional Investment Management: Evidence from Survey Data
调查了218家机构投资者，发现尽管业绩不佳是解雇外部基金经理的主因，但投资者对低绩效表现出惊人容忍，持有期异常长，建议绩效评估应多维度进行。
We survey 218 institutional investors from 22 countries representing over $4.1 trillion in AUM to understand the drivers of forbearance in the termination of external asset managers. Although asset managers are fired for a variety of reasons, including taking on too much or too little risk as well as organizational changes at the investment manager or institutional investor level, poor performance is by far the dominant cause. There is surprising tolerance for underperformance and holding periods for investment managers are unexpectedly long. Forbearance is important and we argue that performance evaluation should be multifaceted, akin to a Bayesian decision-maker who conducts continued due diligence and updates beliefs about returns with process information.