Brain Drain: Are Mutual Funds Losing Their Best Minds?

@inproceedings{Kostovetsky2017BrainDA,
  title={Brain Drain: Are Mutual Funds Losing Their Best Minds?},
  author={Leonard Kostovetsky},
  year={2017}
}
  • Leonard Kostovetsky
  • Published 2017
  • Business
  • I investigate the effect of labor market competition from hedge funds on the mutual fund industry. I find evidence of an increasing flight of top-performing young managers from mutual funds, a drop in mutual fund returns, and deterioration in recruiting standards. These findings are not explained by differences in fund characteristics, risk loadings, fund styles, or the intervening dot-com bubble. The results suggest that industry-specific government regulations, especially ones focused on… CONTINUE READING

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