Mutual funds are part of larger organizations, which make decisions with consequences for all their member funds. This study examines how the efficiency of trading desks operated by fund families affects the performance and trading of affiliated funds. We introduce a novel approach to measure...

Firms’ competitive advantages are unsustainable when competitors poach their employees away to study and recreate those advantages. We document inter-firm knowledge spillovers through labor mobility in the mutual fund industry. About one quarter of the competitive advantage of the originating...

To best utilize labor, companies need to match employees' skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. After fund managers are matched, they...

Mutual funds are part of larger organizations, which make decisions with consequences for all their member funds. This study examines how the efficiency of trading desks operated by fund families affects the performance and trading of affiliated funds. We introduce a novel approach to measure...

Firms' competitive advantages are unsustainable when competitors poach their employees away to study and recreate those advantages. We document inter-firm knowledge spillovers through labor mobility in the mutual fund industry. About one quarter of the competitive advantage of the originating...

Firms' competitive advantages are unsustainable when competitors poach their employees away to learn about their organization processes. We document inter-firm knowledge spillovers through such personnel moves in the mutual fund industry. Almost two thirds of the competitive advantage of the...

To best utilize labor, companies need to match employees’ skills with jobs that best fit those skills. Exploiting unique features of the mutual fund industry, we identify instances when this matching happens for fund managers and study its consequences. After fund managers are matched, they...