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Organizational design affects performance via coupled search processes. At low frequency, managers search for appropriate organizational designs. At higher frequency, managers use designs to search for high-performing operational choices. The two searches are coupled: organizational design molds...
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While the effects of focus have been studied primarily in the context of diversification across industries, a study of focus within one industry can further our understanding of the drivers that underlie focus effects. In particular, we study the effects of focus in the mutual fund industry. We...
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Using a data set comprising almost all equity and bond funds in existence in 1996, we find that fund providers shift advertising and distribution expenses--via so-called 12b-1 fees onto fund shareholders. It is further shown that bond funds with 12b-1 fees are more risky, while having similar...
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This article introduces a new measure of long-term firm performance: long-term investor value appropriation (LIVA). This measure helps to address a disconnect between the common theoretical assumption that managers optimize firm value, and the widespread empirical practice of measuring...
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