Brain Drain: Are Mutual Funds Losing Their Best Minds?
2017 ◽
Vol 07
(03)
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pp. 1750009
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I investigate the effect of labor market competition from hedge funds on the mutual fund industry. I find evidence of an increasing flight of top-performing young managers from mutual funds, a drop in mutual fund returns, and deterioration in recruiting standards. These findings are not explained by differences in fund characteristics, risk loadings, fund styles, or the intervening dot-com bubble. The results suggest that industry-specific government regulations, especially ones focused on employee compensation, can lead to brain drains that have crippling effects on the health of the regulated sector.
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2020 ◽
Vol 6
(9)
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pp. 45-52
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2019 ◽
Vol 8
(2)
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pp. 5212-5216
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2015 ◽
Vol 1
(1)
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pp. 300
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