We study the decisions and performance of managers who are also chair of the board (duality managers). We hypothesize … that duality managers take more risky decisions and deliver worse performance than non-duality managers due to reduced …, consequently, deliver extreme performance outcomes. Furthermore, their average underperformance is 2.5 percent. All effects are the …

with the beneficial effects of fitness on, e.g., cognitive functions, stress coping and job performance. For each of the …

, consistent with the positive impact of fitness on cognitive functions, performance and stress coping found in the literature …

and positively affects cognitive functions and performance. Accordingly, we find the strongest effects on firm value in …

that ownership changes positively predict changes in future risk-adjusted fund performance. A one … activity in line with the view that higher ownership aligns interests of managers with those of shareholders and induces higher …

underperform non-duality managers. This underperformance results from duality funds in the bottom performance quintile. This … suggests that duality managers can avoid being laid off despite their bad performance. Consistent with this lower risk of … investment styles which lead to more extreme performance outcomes. Only about one fifth of the nonduality managers invest as …

with the positive impact of fitness on cognitive functions, performance and stress coping found in the literature. Our …