Directors ' Ownership in the U . S . Mutual Fund Industry

  title={Directors ' Ownership in the U . S . Mutual Fund Industry},
  author={Qi Chen and Itay Goldstein and Wei Jiang},
The paper provides an empirical investigation of directors’’ ownership in the mutual fund industry. Our results show that, contrary to anecdotal evidence, a signicant portion of directors hold shares in the funds they oversee. Moreover, ownership patterns are broadly consistent with the an optimal-contracting equilibrium. That is, ownership is positively and signicantly correlated with most variables that are predicted to indicate greater value from monitoring or lack of other governance… CONTINUE READING
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