Mutual Fund Flows, Performance Persistence, and Board Quality

• Main Authors: LAI, Sandy, TIWARI, Ashish, Zhang, Zhe (Joe)
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2010
• Subjects: Mutual fund flows; Short-term performance persistence; Fund board quality; Finance and Financial Management
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/3015; https://ink.library.smu.edu.sg/context/lkcsb_research/article/4014/viewcontent/ZhangZMutualFund.pdf
• Institution: Singapore Management University

This paper provides evidence on the impact of fund board quality on (a) the fund flow-performance relation, (b) persistence in fund performance, and (c) a fund’s potential change of strategy following a period of underperformance. We use Morningstar’s board quality ratings as a proxy for the quality...