[经济学]Mutual Fund Performance and Governance Structure：The Role of Portfolio Managers and Boards of Direc.pdfVIP

Mutual Fund Performance and Governance Structure: The Role of Portfolio Managers and Boards of Directors Bill Ding Russ Wermers* Department of Finance Department of Finance School of Business Robert H. Smith School of Business SUNY at Albany University of Maryland Albany, NY 12222 College Park, MD 20742-1815 Tel: (518) 442-4962 Tel: (301) 405-0572 Email: bding@ Email: rwermers@ This Draft: December 9, 2005 *We thank Rich Evans, Christopher Faugere, David Gallagher, Michele Gambera, Simon Gervais, Eric Hughson, Bing Liang, Andrew Metrick, Lemma Senbet, Hany Shawky, Mila Sherman, Erik Sirri, Chester Spatt, Haluk Unal, and seminar participants at the 2002 Joint Spring Seminar of Inquire-Europe and Inquire-UK (Berlin); 2003 Annual Morningstar Conference; Sixth Maryland Finance Symposium on Governance, Markets, and Financial Policy; 2005 Eastern Finance Association Annual Meeting (Norfolk); 2005 European Finance Association Annual Meeting (Moscow); 2006 American Finance Association Annual Meeting (Boston); Australian Prudential Regulation Authority; Boston College; Chulalongkorn University (Bangkok); Drexel University; McGill University; Queensland University of Technology; SUNY at Albany; SUNY at Binghamton; University of Amsterdam; University of Cologne; University of Massachusetts; University of New South Wales; University of Technology (Sydney); and University of Vienna for their helpful comments. We particularly thank Paul Kaplan (for providing manager data) and Lorene Kennard (for providing