Unobserved ties between corporate executives and mutual fund managers

被引：1

作者：

Lin, Jing ^{[1
]}

Ling, Leng ^{[2
]}

Zhou, Mingshan ^{[3
]}

机构：

[1] Univ Elect Sci & Technol China, Sch Management & Econ, Chengdu, Sichuan, Peoples R China

[2] Georgia Coll & State Univ, Bunting Coll Business, Milledgeville, GA USA

[3] Southwestern Univ Econ & Finance, Sch Finance, Chengdu, Sichuan, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2019年 / 59卷 / 05期

关键词：

Information dissemination; Managerial turnover; Mutual funds; POLITICAL CONNECTIONS; INFORMATION; INVESTORS; MARKET; GEOGRAPHY; DIRECTORS; NETWORKS; ANALYSTS; FINANCE;

D O I：

10.1111/acfi.12542

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

After corporate executives relocate from origin firms to destination firms, only 3.6 percent of mutual fund managers follow the departing executives: they divest from origin firms while initiating investments in destination firms. This phenomenon is more pronounced for those funds that earned superior returns from investments in the origin firms, and that demand more information regarding the destination firms. Further, comigration funds' holding changes in destination firms more accurately predict cumulative abnormal returns around earnings announcements than do their investments in other stocks and non-comigration funds' new investments. Hiring the migrating executives does not improve the destination firms' operating performance.

引用

页码：2961 / 2991

页数：31

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