Top management turnover: An analysis of active Australian investment managers

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Show simple item record Gallagher, DR Nadarajah, P 2010-05-28T09:54:52Z 2004-01
dc.identifier.citation Australian Journal of Management, 2004, 29 (2), pp. 243 - 274
dc.identifier.issn 0312-8962
dc.identifier.other C1UNSUBMIT en_US
dc.description.abstract This study examines the relationship between top management turnover (i.e. investment directors) and investment performance for actively managed Australian funds. This issue is significant given the importance of executive management in the implementation of the institution's investment strategy, the sizeable assets under their control, as well as the overall success and profitability of the funds management operation. In addition, investors, asset consultants, managed-fund ratings agencies and the financial media devote significant resources to the scrutiny of performance, the organisational activities, leadership and human capital of investment management firms. Accordingly, this study examines the impact of performance and fund-flow activity on top management turnover in both the pre-and-post replacement period. The research documents that turnover of underperforming investment managers results in significantly higher performance in the post-replacement period, while turnover coinciding with outperforming managers delivers investors significantly lower returns. The evidence also identifies significant changes in portfolio risk associated with managerial turnover. Finally, this research documents that underperforming investment managers exhibit significantly lower fund flows prior to replacement.
dc.publisher Australian Graduate School of Management
dc.title Top management turnover: An analysis of active Australian investment managers
dc.type Journal Article
dc.parent Australian Journal of Management
dc.journal.volume 2
dc.journal.volume 29
dc.journal.number 2 en_US
dc.publocation Sydney, Australia en_US
dc.identifier.startpage 243 en_US
dc.identifier.endpage 274 en_US 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 Banking, Finance and Investment en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US en_US
dc.location.activity en_US
dc.description.keywords INVESTMENT MANAGERS
dc.description.keywords FUND PERFORMANCE
dc.description.keywords TURNOVER
dc.description.keywords FUND FLOW.
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 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)

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