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

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dc.contributor.author Gallagher, David en_US
dc.contributor.author Nadarajah, Prashanthi en_US
dc.contributor.author Pinnuck, Matt en_US
dc.contributor.editor en_US
dc.date.accessioned 2010-05-28T09:53:47Z
dc.date.available 2010-05-28T09:53:47Z
dc.date.issued 2006 en_US
dc.identifier 2008005680 en_US
dc.identifier.citation Gallagher David, Nadarajah Prashanthi, and Pinnuck Matt 2006, 'Top management turnover: An examination of portfolio holdings and fund performance', Australian Graduate School of Management, vol. 31, no. 2, pp. 265-292. en_US
dc.identifier.issn 0312-8962 en_US
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. en_US
dc.language en_US
dc.publisher Australian Graduate School of Management en_US
dc.title Top management turnover: An examination of portfolio holdings and fund performance en_US
dc.parent Australian Journal of Management en_US
dc.journal.volume 31 en_US
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 150200 en_US
dc.personcode 107326 en_US
dc.personcode 0000050792 en_US
dc.personcode 0000050793 en_US
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.staffid en_US


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