Top management turnover: An analysis of active Australian investment managers

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dc.contributor.author Gallagher, David en_US
dc.contributor.author Nadarajah, Prashanthi en_US
dc.contributor.editor en_US
dc.date.accessioned 2010-05-28T09:54:52Z
dc.date.available 2010-05-28T09:54:52Z
dc.date.issued 2004 en_US
dc.identifier 2008006776 en_US
dc.identifier.citation Gallagher David and Nadarajah Prashanthi 2004, 'Top management turnover: An analysis of active Australian investment managers', Australian Graduate School of Management, vol. 29, no. 2, pp. 243-274. en_US
dc.identifier.issn 0312-8962 en_US
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/10227
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. en_US
dc.language en_US
dc.publisher Australian Graduate School of Management en_US
dc.title Top management turnover: An analysis of active Australian investment managers en_US
dc.parent Australian Journal of Management en_US
dc.journal.volume 29 en_US
dc.journal.number 2 en_US
dc.publocation Sydney, Australia en_US
dc.identifier.startpage 243 en_US
dc.identifier.endpage 274 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.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 MANAGERS; FUND PERFORMANCE; TURNOVER; FUND FLOW. en_US
dc.staffid en_US


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