Does industry experience affect the monitoring effectiveness of independent directors? On the one hand, prior industry experience provides independent directors industry-specific knowledge and expertise critical for understanding and evaluating managerial decision making, thereby enhancing their...

This paper considers the nature of returns to scale in active management following Pastor, Stambaugh and Taylor (2015) who fail to establish diseconomies of scale at the fund level. Using an enhanced empirical strategy, we find a significant negative impact of fund size on performance. This...

This paper examines the relationship between mutual fund managers' past professional backgrounds and their portfolio performance, using Chinese mutual fund data from 2003 to 2016. We focus on managers with prior work experience either as industry analysts or as macro analysts, the two most...