-skill managers outperform their low-skill peers in the following month in terms of raw returns and alphas. This outperformance is …

This paper uses stochastic dominance techniques to examine whether managerial skills vary across fund managers in …

managerial replacement. We find that managers with superior performance that is due to sample variation are more likely to be … dismissed than are ‘unlucky' managers indicating that many fund companies are not captivated by the ‘lucky' managers' extreme … performance and willing to give ‘unlucky' managers another chance. Furthermore, underperforming managers are more likely to be …