Top management turnover: An examination of portfolio holdings and fund performance

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dc.contributor.author Gallagher, DR
dc.contributor.author Nadarajah, P
dc.contributor.author Pinnuck, M
dc.date.accessioned 2010-05-28T09:53:47Z
dc.date.issued 2006-01
dc.identifier.citation Australian Journal of Management, 2006, 31 (2), pp. 265 - 292
dc.identifier.issn 0312-8962
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/10053
dc.description.abstract We examine the performance and portfolio characteristics of actively managed equity funds impacted by top management turnover. Utilizing a unique database of monthly portfolio holdings, our study finds that, post-replacement, previously poor performing funds experience improved returns. However, this improved performance is not attributable to superior stock selection skill. We also find these new managers decrease the fund's reliance on momentum strategies and decrease the portfolio's concentration, which then leads to a reduced tracking-error volatility. Prior to the replacement event, underperforming investment managers exhibit preferences for larger, growth-oriented stocks, as well as riding momentum strategies and increasing portfolio turnover.
dc.publisher Australian Graduate School of Management
dc.title Top management turnover: An examination of portfolio holdings and fund performance
dc.type Journal Article
dc.parent Australian Journal of Management
dc.journal.volume 2
dc.journal.volume 31
dc.journal.number 2 en_US
dc.publocation Sydney, Australia en_US
dc.identifier.startpage 265 en_US
dc.identifier.endpage 292 en_US
dc.cauo.name BUS.Faculty of Business en_US
dc.conference Verified OK en_US
dc.for 1502 Banking, Finance and Investment
dc.personcode 107326
dc.percentage 100 en_US
dc.classification.name Banking, Finance and Investment en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords INVESTMENT PERFORMANCE PORTFOLIO MANAGEMENT TOP MANAGEMENT TURNOVER en_US
dc.description.keywords INVESTMENT PERFORMANCE PORTFOLIO MANAGEMENT TOP MANAGEMENT TURNOVER
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)


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