Managerial Multitasking in the Mutual Fund Industry
研究发现共同基金行业中经理人多任务处理会降低基金业绩，且从单一任务转为多任务时业绩显著恶化，提醒基金公司谨慎增加经理人工作量。
Managerial multitasking has become a common practice in the mutual fund industry. Although multitasking may have certain benefits for fund companies and portfolio managers, these arrangements have significant drawbacks for fund investors. We find that multitasking is associated with worse fund performance. Moreover, we find significant performance deterioration when a single-tasking manager switches to multitasking. We further demonstrate evidence that suggests that multitasking reduces the attention or limits the investment options a manager can allocate to their funds. Our study prescribes caution when assigning a portfolio manager a greater workload, as doing so adversely affects fund performance and, at some point, the ability of the fund family to attract capital.